Your Deadline Illegal – El-Rufai Dares Buhari Over Old Naira Notes

Kaduna State Governor, Malam Nasir El-Rufai, on Thursday, asked residents of the State to continue using the old Naira notes.

His directive is coming after President Muhammadu Buhari said in his national broadcast earlier in the day that both the N1,000 and N5,000 old Naira notes are no longer legal tenders.

However, in his broadcast to the people of Kaduna State, El-rufai urged them to stand up strongly for democracy, peace and national unity.

He said, “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.”