CBN Accused of Withdrawing N2 Trillion from Circulation by Kaduna State Governor

Kaduna State Governor Nasir el-Rufai has accused the Central Bank of Nigeria (CBN) of withdrawing N2 trillion from circulation and replacing it with only N400 billion, resulting in currency confiscation and economic contraction. The governor made the allegations on his verified Twitter handle on Sunday.

El-Rufai claimed that the apex bank’s actions derailed the cash swap policy’s objective into a national fiasco that impoverished Nigerians and sabotaged elections by preventing vote-buying.

The governor also alleged that the CBN disregarded President Muhammadu Buhari’s directive to redesign the N200, N500, and N1000 notes, recoloring them instead.

The president’s national broadcast on the naira crisis last Thursday extended the validity of old N200 notes but insisted that old N500 and N1,000 notes remained illegal.

Buhari urged Nigerians to deposit their old N500 and N1,000 notes with the CBN, adding that the old N200 note would be legal tender for the next 60 days till April 10.

El-Rufai’s allegations highlight growing concerns over the CBN’s monetary policies, which have been criticized for contributing to the country’s economic woes.

The CBN has yet to respond to the governor’s accusations, but it has come under fire for its restrictions on forex trading and remittances and printing more money to finance the government’s deficit.