February 16, 2023
Press Statement
The Peoples Democratic Party (PDP) urges President Muhammadu Buhari to assuage the pain and anguish being experience by Nigerians over the current cash crunch in the country by demanding that leaders of the All Progressives Congress (APC) including its Presidential Candidate and governors immediately release the hundreds of billions of new Naira notes reportedly intercepted and hoarded by them for vote buying purposes.
It is instructive to note that Mr. President in his address to the nation earlier today, acknowledged that the Naira redesign and swap policies are programmes of the APC administration which is also completely in control of the production and circulation of the new notes. It is therefore clear that the PDP has no part in the entire process.
Our Party had earlier alerted on how APC leaders allegedly sabotaged the system and diverted the new Naira notes so as to create widespread social unrest to justify their plan to derail the 2023 general elections and truncate our democracy.
The PDP had also exposed how APC governors are allegedly warehousing the new Naira notes in facilities in Lagos, Kano, Kogi, Kaduna, Imo and other States of the country for the purpose of vote buying in the Presidential election.
In the same vein, our Party raised alarm on how the Tinubu/Shettima Campaign had orchestrated the current cash crunch as a strategy to cause crisis while inciting Nigerians to insurrection with the view to truncating the electoral process having come to the reality of the fact that the APC and its Presidential Candidate, Asiwaju Bola Ahmed Tinubu have been rejected by Nigerians ahead of the polls.
Our Party sympathizes with Nigerians over the pain, torture and distress brought upon our citizens by the selfish, vicious and anti-people APC leaders. The PDP again salutes the resilience of Nigerians in the face of APC-induced suffering.
The APC and its Presidential Candidate must come to terms with the fact that Nigerians are determined to vote in the PDP Presidential Candidate, Atiku Abubakar, come February 25, 2023. The threats and incitement to violence by the Tinubu Campaign cannot deter the people.
The PDP calls on President Muhammadu Buhari to put every measure in place to guarantee peaceful, free, fair, transparent and credible 2023 general elections as Nigerians are ready to go to the polls in their determination to vote in Atiku Abubakar as the next President of our country.
Signed:
Hon. Debo Ologunagba
National Publicity Secretary
PRESIDENT BUHARI TO ATTEND 36th AU SUMMIT IN ADDIS ABABA
President Muhammadu Buhari will on Thursday depart Abuja for Addis Ababa, Ethiopia, to participate in the 36th Ordinary Session of the Assembly of the African Union (AU).
The theme of the AU Summit is ‘‘Acceleration of the African Continental Free Trade Area (AfCFTA) Implementation.’’
The President will participate in three High Level meetings on peace and security, climate change and the political situation in some West African countries.
First is the Peace and Security Council (PSC) meeting of Heads of State and Government on the situation in the Eastern Democratic Republic of Congo (AUPSC High Level AU), to be chaired by the President of South Africa, in his capacity as the Chair of the Council for the month of February.
Second is the meeting of the Committee of the Heads of State and Government on Climate Change (CAHOSCC), currently chaired by the President of Niger Republic.
On the margins of the annual meetings of the AU, President Buhari will also attend an extraordinary summit of the Authority of Heads of State and Government of ECOWAS.
The Nigerian leader will deliver remarks at these events as well as present his National Statement at the opening session of the Summit, which brings together leaders from the AU member countries as well as a number of non-AU countries and international institutions accredited to the AU in Addis Ababa.
President Buhari will be accompanied on the trip by some Ministers and other top government officials.
He will return to Abuja on Monday, February 20.
Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
February 16, 2023
SECURITY, CORRUPTION AT A STAKE WITH NEW CASH POLICY SAYS PRESIDENT BUHARI
President Muhammadu Buhari insists that the cashless policy and Naira swap by the Central Bank have short and long term benefits for the country in dealing with insecurity and corruption, but agrees that the apex bank should take the recommendation of a parliamentary Committee to rectify identified problems.
His comments came as the Central Bank Governor, Godwin Emefiele, gave him an assurance that N200 currency notes taken out of circulation will be moved back from today.
The President who spoke at the State House when he received briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap said his speech earlier in the day was comprehensive enough and was adequate as a response to the general outcry about the problems associated with the currency exchange.
He described the aim of the policy as “very good, security-wise” as seen from the lessening of kidnappings and associated corrupt practices. He again accused banks of being a problem.
The CBN Governor, as directed by the President, explained that the cashless policy was a global policy. “Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption,” he said.
He added that senior officers at the CBN had all been sent out, complimented by “Super agents,” to take new currencies to unbanked rural populations, expressing optimism that the problems he described as “temporary, passing” will go away in no distant future.
He reported that he had met 15 top banks earlier in the day in an effort to resolve prevailing problems and will do so again later in the evening, assuring that “we are at the end of the problem.”
He also gave the promise that by the end of February, CBN will bring into circulation between N700-N800 billion, well in excess of what is needed to run the economy, stating emphatically that it is not possible to put back more than Three trillion Naira if the economy is to be healthy.
Mr Emefiele gave a firm promise that the Bank will not be a problem with elections, and they will hold successfully as far as the Bank is concerned.
The leader of the Parliamentary delegation, Alhassan Ado Doguwa, the House Majority Leader and Chairman of the Ad-Hoc Committee, said the meeting with the President was necessitated by the need to bring him up to date on the “problems of implementation and unintended consequences” of the new cash policy.
In acknowledging the far-reaching quality of the President’s broadcast to the nation earlier today, the House Leader said the Legislature and the Government were on the same page in so far as the goals of the policy were concerned. He added, however, that more needed to be done to remove the “hardship and inconveniences” that have attended its implementation.
Garba Shehu
Senior Special Assistant to the President
(Media and Publicity)
February 16, 2023
PRESIDENT BUHARI SAYS WOMEN, GIRLS REMAIN INTEGRAL TO DEVELOPMENT, LAUNCHES HIGH-LEVEL ADVISORY COUNCIL ON SUPPORT
President Muhammadu Buhari Thursday in Abuja launched the High-Level Advisory Council on Support for Women and Girls, calling for upscaling of efforts for more inclusion of women in development policies and projects.
At the launch of Advisory Council, Adolescent Girls’ Initiative for Learning and Empowerment Project and National Women’s Economic Empowerment Policy Dialogue, the President said the three initiatives will target reduction of poverty, and building of a sustainable economy.
“This is what we promised to all Nigerians – including our women and girls when our party, the All Progressives Congress (APC), was elected in 2015. I am proud to say that our government has delivered over the past eight years.
“The well-being of women and girls remain a pivotal indicator of how well any Nation is doing in driving her developmental plans. I am proud of the tremendous progress that has been made to emphasize the needs of Nigerian women and girls into national economic planning, policy development, public programming, and public financial management.
“While there has been progress, we are not unmindful of the gaps associated with harnessing the available resources of government, the innovation and efficiency of the private sector, and the technical expertise of our social and development sector partners to drive women’s and girls’ empowerment outcomes,’’ he said.
The President noted that coordination had remained a key gap in the efforts to improve livelihoods and democratize opportunities for women and girls.
“It is expected that the High-Level Advisory Council on Nigeria’s Support for Women and Girls, which I am very proud to inaugurate today therefore comes as an answered prayer to bridge this identified gap.
“As this Council takes off, I want to charge it with the mandate to drive all round collaboration and action towards achieving the Sustainable Development Goal 5: Gender Equality between now and 2030,’’ the President added.
President Buhari commended the Minister of Women’s Affairs, the Minister of Finance, Budget, and National Planning and Minister of Education for exemplifying collaboration and innovation in service delivery.
“I also want to thank our private and social sector partners, especially the Council’s private sector Co-Chairs for being willing to join us on this journey to improve the lives of Nigerian women and girls.
“I want to charge the HLAC to initially focus on driving women’s economic empowerment, especially in the areas of economic access, sustainable livelihoods, and education; including second chance education for women and girls. I will also encourage deeper engagement and deliberate focus on sustaining the Council’s inaugural priority initiatives, which include:
“The National Policy Dialogue on Women’s Economic Empowerment which is a robust programme aimed at leveraging on diverse approaches and perspectives across the Federation to redefine our implementation of women’s economic empowerment programmes.
“I am proud that over the course of the Dialogue, in engagements stretching from Kebbi to Lagos, the Government of Nigeria has engaged the perspectives of over 100,000 Nigerians – including grassroots women, government actors, captains of industries, traditional rulers, religious leaders, technology-entrepreneurs to understand what works to drive women’s economic empowerment in Nigeria,’’ he stated.
The President expressed confidence that the Policy Dialogue will culminate in the launch of a transformative National Policy on Women’s Economic Empowerment which will be held in April, 2023.
“Secondly, the Adolescent Girls Initiative for Learning and Empowerment Program – a multi-sectoral project that provides a comprehensive support for the education and empowerment of more than 20 million young girls and women.
“This project delivers on a promise I made at the beginning of this administration, to uphold Article 18(1) of the Constitution of the Federal Republic of Nigeria that aims to ensure “… equal and adequate educational opportunities at all levels” by strengthening our educational institutions and facilities and promoting world class teaching, learning, research and community service.
“Thirdly, the Nigeria for Women Project Scale- Up which builds on the success of the first phase to provide greater opportunities for more women; especially in the rural areas. In Phase One of the Project, Nigerian women across the six pilot states saved over 3.1 billion naira and received almost 10 billion naira in disbursements to support their livelihoods.
“I am proud that a lasting legacy of this administration is that the Project will be scaled from six to at least seventeen states, and that up to 3.9 million women will benefit from the multidimensional aspects of the program,’’ he added.
President Buhari noted that there can be no true national development without the empowerment of women and girls, urging all stakeholders to redouble efforts in the push for gender equity and equality.
“I thank our development partners for their consistent support and hope that they will continue to support our drive for development across diverse sectors of the Nigerian economy.
“I assure you all that I will continue to do everything in my power, while I remain your President, to support the education and economic empowerment of girls in Nigeria,’’ he said.
In her welcome address, Minister of Women Affairs, Dame Pauline Tallen noted that the inauguration is evidence of President Buhari’s commitment to the empowerment of women and girls in Nigeria, adding that the President had in December 2022, approved the formation of a Presidential High Level Advisory Council on women’s support to women in Nigeria.
According to her, the Council will provide strategic guidance, oversight, policy and support to the government – led gender equality initiatives as well as advice Nigeria’s financial and technical partners on critical areas of support for women and girls in Nigeria.
There were goodwill messages from HRH. Alh. Dr. Shehu Chindo Yamusa III, Emir of Keffi, Her Excellency, Catriona Wendy, British Ambassador to Nigeria, as well as Jeremie Zoungrana, Country Director, Bill Gates Foundation, among others.
Femi Adesina
Special Adviser to the President
(Media & Publicity)
February 16, 2023
Malam Nasir El-Rufai fights Buhari
- Says policy conceived and sold to the President by officials who completely lost out in the Gubernatorial and Presidential Primaries of the APC in June 2022
- Insists currency redesign policy conceived to ensure that the APC presidential candidate is deprived of what they alleged is a humongous war chest
It is now clear that the President has been deceived by the Central Bank of Nigeria and some elements in his government into buying into this overarching narrative, in the name of ensuring free and fair elections in 2023
KADUNA UPDATE: Let us stand up strongly for democracy, peace and national unity
State Broadcast by Malam Nasir El-Rufai, Governor of Kaduna State, 16th February 2023.
My dear people of Kaduna State,
- With just about 100 days before leaving office, and elections just round the corner, it was my intention to host another media chat to interact with the people of our state in the next few days. While I still hope to do so, I feel the need to address you all today due to the unprecedentedly cruel situation our people and their livelihoods have been thrown into, particularly in the last two to three weeks by the decisions, actions and inactions of the Federal Government of Nigeria.
- On behalf of the government of Kaduna State, I wish to express my deepest regret at the needless suffering you are enduring as a result of the prolonged fuel shortage and the difficulties occasioned by the so-called “currency redesign” policy of the Central Bank of Nigeria. We understand your pain. I assure you that as your State Governor, I have been working with my other colleagues to do everything in our power to end these pains.
- While publicly supporting what appeared to be a beneficial policy, we innocently engaged privately with the President and the leadership of the Central Bank of Nigeria to review the implementation of the policy so as to reduce its negative impact on the lives and livelihoods of our people, and end the pain being inflicted on citizens. In the absence of any progress to modify implementation on the part of the architects, we were forced to go public about two weeks ago, with our concerns and demand that this suffering must stop.
- We take seriously our duty to protect ordinary people from the consequences of these policy fiascos. The sad fact is that the victims of these mindless policies are the people that elected us. It is their welfare that is being threatened. Many of our people have been left in a situation where the money they put in banks has literally been confiscated, depriving them of the ability to buy food and basic necessities. Our traders cannot sell as much as they used to because their customers have no access to their hard-earned money.
- We have been officially informed that the currency redesign policy is to reduce money laundering and render useless stashes of high denomination Naira that many politicians and public officers have accumulated through corruption and other illicit activities. As earlier stated, we are fully in support of such a policy and we made this public from the beginning.
- We had privately expressed concerns about the timing of the currency design policy and the unrealistic timeline for its implementation. We were assured that all steps have been taken to ensure that we avoid the recent experience of India, where implementation of a similar demonetisation policy targeted at politicians ended up hurting the poorest and small businesses the most.
- In official briefings to the President, the Central Bank of Nigeria constantly alluded to the fact that the policy also targets politicians who have accumulated a huge war chest for vote buying during the elections. It is now clear that the President has been deceived by the Central Bank of Nigeria and some elements in his government into buying into this overarching narrative, in the name of ensuring free and fair elections in 2023.
- It is important for the people of Kaduna State, and indeed Nigeria, to know that contrary to the public pronouncements and apparent good intentions, this policy was conceived and sold to the President by officials who completely lost out in the Gubernatorial and Presidential Primaries of the APC in June 2022.
- Once Asiwaju Bola Tinubu emerged as the candidate in June 2022, and subsequently did not pick one of them as his running mate, this currency redesign policy was conceived to ensure that the APC presidential candidate is deprived of what they alleged is a humongous war chest. They also sought to achieve any one or more of following objectives:
- Create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across the board resulting in massive losses for the Party in all the elections;
- Ensure that the cash crunch is so serious, along with the contrived and enduring fuel shortage existing since September 2022, that the 2023 Elections do not hold at all, leading to an Interim National Government to be led by a retired Army General;
- Sustain the climate of shortage of fuel, food and other necessities, leading to mass protests, violence and breakdown of law and order that would provide a fertile foundation for a military take-over;
- In the pursuit of these objectives, the Central Bank of Nigeria and these other disgruntled Federal officials have so far convinced the President that it is fine for ordinary citizens to be dispossessed of their hard-earned money, and starved if need be, while small and medium-sized businesses are deprived of access to their capital, thereby bringing trade and exchange to a grinding halt. All our efforts to modify implementation of the policy to avoid what we assumed were unintended consequences were unsuccessful. I chose to speak out first as one person that has been particularly close to the President, believing that his actions were motivated by innocence, and mindful of his legacy. I have no regrets for doing my duty in this regard. One day, the President will appreciate what some of us are being insulted for today.
- Yet, the politicians that the officials have convinced the President to regard as the real targets of the currency redesign policy have not been impeded in any way by it so far. Indeed, two of the presidential candidates, and a running mate of the opposition parties own or have preferred access to some of the licensed banks. For that reason and by various clandestine arrangements, these politicians have access to hundreds of millions of these new notes, while the traders, merchants, students and other citizens are queuing for days to withdraw a few thousand Naira just to buy food and necessaries.
- Within two to three weeks of implementation, it was clear to everyone that the architects of this policy can see that it is our people that are being terribly affected, and not the politicians. It is quite unfortunate that many politicians who either own banks or have privileged access to money are so insulated from the pains of talakawa that they are recklessly endorsing a policy that is being badly implemented.
- I am referring here to the comments by the candidate of one of the opposition parties who expressed opposition to the recommendation first of the APC state governors, and subsequently of all the governors under the auspices of the Nigeria Governors Forum that the implementation timeline be extended, to enable the old and new notes to be legal tender side by side until the cash shortage ends.
- My dear people of Kaduna State. Let me explain how the architects of this policy intentionally designed it to fail. The total currency in circulation in Nigeria was estimated at N3.2 trillion at the end of 2022. According to the Central Bank of Nigeria, N2.1 trillion has been withdrawn as at early February. The CBN claimed that N700bn is the amount of cash needed for their functioning vision of a “cash-less” Nigerian economy. The Chief Economic Adviser to the President, Dr. Doyin Salami disagrees with this estimate, and believes at least N2 trillion of currency needs to be in circulation for our economic sustainability. Other experts variously estimate this to be between N1.2 trillion and above, so the CBN number of N700bn is not realistic.
- The CBN informed the President at the very beginning that the Mint (NSPMC) has enough capacity to print the needed currency in circulation within the 6-week timeframe for the so-called ‘cash swap’. By its own admission, only N400bn worth of new notes had been printed for CBN as at early February.The current cash shortage was therefore designed from the beginning, the President was lied to about the domestic capacity of the Mint to print, and even if the announced N700bn was printed, it would have been grossly inadequate anyway. Imagine then printing only N400bn, and making most of it unavailable to the banks but passed to favoured entities through special arrangements. How can the CBN collect N2.1 trillion from citizens and print only N400bn? Is this not a clear case of economic sabotage?
- It is bad economics to so curtail economic activity and the velocity of circulation of money. It is also insensitive to deliberately cause cash shortage and then seek to instigate the public against the mostly innocent commercial banks. Even the most honest and prudent action by banks cannot magically make N400bn to look like N2.1 trillion, or have the same spread and availability like the CBN should have ensured. As a regulator, the CBN should not be seen to be setting up the banking sector as the public enemy to cover up the glaring failure in its design and implementation of the cash swap policy.
- We have repeatedly appealed to the Federal Government to allow whatever remains of the old notes to circulate concurrently with the new notes. We recommended that the Federal Government should also hasten to ensure that more of the new notes are printed and brought into circulation. We thought that if the Nigerian Mint is incapable of printing the volume of cash needed as it appears, then necessary steps must urgently be taken to get a reliable supply source.
- There is no reason why the old notes and the new notes should not coexist until the old notes are gradually withdrawn over the years as is done in the United Kingdom, Saudi Arabia and other countries. It is unfortunate that in implementing this policy, Nigeria is departing from global best practise, without any compelling justification. The Kaduna State Government did all these, not in opposition to any person or authority, but because we stand with our people and their interests.
- When it was clear that our recommendations will not be seriously considered, the Kaduna State Government decided, along with the governments of Kogi and Zamfara States to declare a dispute with the Federal Government. In line with the provisions of the Constitution, we approached the Supreme Court of Nigeria to invoke its original jurisdiction to hear us and the cries of our people. The Court did on February 8th, and ordered that the deadline of February 10th for all the ‘old’ notes ceasing to be legal tender be rescinded until the determination of the suit. This ruling applies to the Federal Government and its agencies like the CBN, and all commercial banks! We are grateful to the Court for this ruling, and we had hoped that compliance by the CBN and the banks would bring relief to our people. It is now clear that the architects of this policy are determined to continue to inflict maximum pain on the citizens to achieve their objectives outlined earlier.
- It was our hope that the Federal Government of Nigeria would welcome this injunction as an opportunity to mitigate the needless human suffering being experienced and correct its course on this matter. There is no emergency situation that justifies the rushed and seemingly deliberate incompetent execution of this policy. We suggested that compliance with the ruling would include adopting a whole-of-government approach, that involves the agencies of the federal and state governments in modifying the design, execution the implementation of the currency redesign policy.
- Even when confronted with the facts above, the CBN and its masters remain determined to implement their agenda no matter how much human suffering, death and destruction results. It is clear that the architects of this policy always had objectives that are totally in conflict with public interest, peace and the unity of Nigeria. They neither considered our suggestions in line with the Court order, nor respected the unanimous resolution of the Council of State.
- It is also quite revealing that the Federal Government and its agencies not only disobeyed the February 8th ruling by continuing to say the February 10th deadline stands. It is shocking to see the blatant violation of the subsisting and continuing order of the Supreme Court that ALL the old and new notes should continue to be legal tender until it gives judgment in the case filed by the Kaduna State Government along with several others.
- The address by the President earlier this morning limiting the legal tender status of old notes to only N200 amounts to total disregard and disobedience of the ruling of February 8th which was extended further yesterday by the Supreme Court. The misguided action of the Attorney-General to mislead the President into engaging in this public violation of the order of the highest court of the land shows how desperate the policy architects are to cause national chaos, by showing open contempt for the judiciary.
- The decision to recognise only N200 as legal tender till April that the President announced this morning was offered to the state governments as part of proposals for an out-of-court settlement three days ago. The Federal Government asserted that this was offered because all the ‘old’ N1,000 and N500 notes had been destroyed. We rejected the offer and proved to the officials that not a single higher denomination note had been destroyed. We also believe that circulating N200 only to be inadequate in alleviating the suffering that we see every day. We insisted that all the components of the Supreme Court order should be complied with.
- But back home, what do we do in Kaduna State? My dear of people of Kaduna State, with the foregoing revelations, it is clear that our peaceful coexistence as a state, and a nation, is being placed under deliberate danger using the intentional combination of fuel and cash supply disruptions. These evil people using the instrumentality of the Federal Government and the President as convenient covers are willing to truncate our democracy because they have personally lost out. They are massively deploying resources and tools to defeat the political party that gave us the platform to serve the country just because they could not impose the candidates of their choice. Let us not help them
- Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems. On behalf of the Kaduna State Government, I wish to assure you that none of you would lose the money you have in old notes. Let no artificial and illegal deadline frighten you. Whether you live in towns, villages or in our isolated rural communities, do not feel stampeded to deposit your old notes in the banks. Hold on to them. Continue to use them as legal tender as ordered by the Supreme Court of Nigeria. No deadline can render them worthless, ever. The law is on your side. The Central Bank of Nigeria Act, 2007 and the Bills of Exchange Act, both oblige the CBN to recognise your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years.
- Therefore, as your governor, I wish to assure you that the Kaduna State Government, in collaboration with elected legislators, traditional institution, elected local government councils, markets, and traders associations will help you collect, record, document, collate and deliver all your old notes to the Kaduna branch of the Central Bank on your behalf into the new ones immediately after the elections. We will also ensure the delivery of your new notes to your various locations without any hardship or expense on your part. We shall save you any panic and the stress of a long journey from your community to the CBN office in our state capital, from March until December 2023 if need be.
- For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise. I therefore appeal to all residents of Kaduna State to continue to use the old and new notes side by side without any fear. The Kaduna State Government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law.
- While urging you all not to fall for these antics of the enemies of Nigeria, please be patient and continue to exercise resilience in the face of open provocation and deliberate disinformation. We encourage you to be ready with your PVC to vote in the February 25 Presidential and National Assembly elections. We are doing all we can to ensure that it is peaceful, orderly and hitch-free. I appeal to you to understand the shenanigans of these unpatriotic elements in Abuja and ensure you vote massively for the intended victims of these last-minute policies of needless hardship and incitement of the citizens – our party, the APC and its candidates in all the elections.
- The Kaduna State Government is making this appeal, and taking all these measures to shield our people from the terrible consequences of the currency redesign policy. We seek to protect our people’s hard-earned money, their ability to engage in trade and exchange and buy what they need. We also seek to protect their civic rights, liberties and freedoms under a democratic dispensation. I call on the people of Kaduna State to remain peaceful and vigilant in the face of brazen attempts to engineer crisis in order to get a pretext for unconstitutional or undemocratic actions.
- In conclusion, our Presidential Candidate, Asiwaju Bola Ahmed Tinubu has asked me to convey his greetings, empathy and words of encouragement to the good people of Kaduna State. He urges us to remain patient, pray for our country and remain vigilant in our pursuit of Renewed Hope.
Thank you all for listening. God Bless Kaduna State. God Bless the Federal Republic of Nigeria.
Nasir Ahmad El-Rufai, CON
Kaduna, 16th February 2023
Excerpts from Malam Nasir El-Rufai’s broadcast, 16 February 2023:
“Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems.
On behalf of the Kaduna State Government, I wish to assure you that none of you would lose the money you have in old notes.
Let no artificial and illegal deadline frighten you.
Whether you live in towns, villages or in our isolated rural communities, do not feel stampeded to deposit your old notes in the banks. Hold on to them. Continue to use them as legal tender as ordered by the Supreme Court of Nigeria.
No deadline can render them worthless, ever.
The law is on your side. The Central Bank of Nigeria Act, 2007 and the Bills of Exchange Act, both oblige the CBN to recognise your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years.
“Therefore, as your governor, I wish to assure you that the Kaduna State Government, in collaboration with elected legislators, traditional institution, elected local government councils, markets, and traders associations will help you collect, record, document, collate and deliver all your old notes to the Kaduna branch of the Central Bank on your behalf into the new ones immediately after the elections.”
