On Sunday, via his verified Twitter handle, Governor Nasir el-Rufai of Kaduna state claimed that the Central Bank of Nigeria (CBN) withdrew N2 trillion from circulation and only minted N400 billion to replace the old notes.

According to his tweet, the CBN’s actions resulted in currency confiscation and a collapse in trade and exchange, causing human suffering, impoverishment, and economic contraction. The governor claimed that President Muhammadu Buhari had approved the redesigning of the Naira, including the N200, N500, and N1000 notes. However, the CBN only recolored the currency instead of implementing a currency swap. The recent naira crisis, which peaked after the President’s national broadcast, extended the validity of old N200 notes and declared old

Buhari urged Nigerians to deposit their old N500 and 1000 notes with the CBN, adding that  the old N200 note would be legal tender for the next 60 days till April 10.

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