New Naira notes: El-Rufai’s counter order sparks legal arguments

President Muhammadu Buhari addressed Nigerians on Thursday morning amid the current cash crunch which has become a major issue in the country.

Buhari directed that the old N200 notes be re-introduced into circulation, as they will remain legal tender until April 10.

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, then met with the 15 heads of commercial banks to discuss updates to the Naira swap policy.

But There was more drama to come.

Later in the day, the Governor of Kaduna State, Nasir El-Rufai, arranged his own broadcast to residents of the state.

“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,” El-Rufai said.

El-Rufai’s very public antagonism of Buhari has led to debates online and offline about the rule of law, the autonomy of the CBN and just how much authority the president wields