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CBN Confiscated, Didn’t swap Currency, Says El-Rufai

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The Kaduna State Governor, Nasir El-Rufai, on Sunday, alleged that the Central Bank of Nigeria embarked on currency confiscation rather than the announced currency swap policy as approved by the President, Major General Muhammadu Buhari (retd), for currency redesign.

The naira crisis worsened last Thursday when the President in his nationwide broadcast ignored the apex court by extending the validity of old N200 notes while insisting that old N500 and N1,000 remained illegal.

Buhari in his state broadcast said the old N200 note would be legal tender for the next 60 days, till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

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READ ALSO: JUST IN: APC Backs Governors On Naira Redesign Policy – Adamu

Not satisfied by Buhari’s broadcast, El-Rufai slammed the President over his directive which he said was in disobedience to the February 8 Supreme Court Order restraining the Federal Government from ending its cash swap policy on February 10.

Meanwhile, in defiance of Buhari’s directive that the old N1,000 and N500 have ceased to be legal tender, the El-Rufai-led Kaduna government directed ministries, departments and agencies to accept payments in the old naira and new notes.

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The governor asked residents of the state to continue using the old naira notes.

But in a series of tweets on his Twitter handle on Sunday, the Kaduna governor said the bank only confiscated the currency as against what was obtainable in the currency swap policy.

He wrote, “Currency redesign was approved by the President and announced. Currency recoloring resulted.

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“Currency swap was envisaged by s.20(3) of the Central Bank of Nigeria Act as approved by PMB. Swap means I take N100,000 to the bank in old notes & I receive N100,000 immediately in new notes. No more, no less.

“During implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect, currency confiscation was then unilaterally and unlawfully implemented by the CBN. Trade and exchange have collapsed. Human suffering, impoverishment and economic contraction resulted.

READ ALSO: New Naira: How My Pregnant Wife Died In Kano Hospital – Husband

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“The policy objective was derailed into a deliberate national fiasco to sabotage the elections in the name of preventing vote-buying. All efforts to get CBN to implement what was lawfully approved failed.

“Some State Governments had no choice but to approach the Supreme Court for adjudication. The APC as a party and the Progressive Governors Forum are unanimous that policy implementation must be reviewed, and full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments.”
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Bodies Of Terrorists Float In River As Boko Haram Murders 200 ISWAP Fighters [VIDEO]

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The supremacy battle between the Islamic State West Africa Province, ISWAP fighters and Boko Haram insurgents in the northern region has reportedly claimed about 200 lives of terrorists.

It was learnt that while about 200 ISWAP fighters were killed in the clash, four Boko Haram insurgents were also eliminated.

A counter-insurgency expert and security analyst Zagazola Makama disclosed this in a post on X, formerly Twitter, while sharing video of lifeless bodies of terrorists floating in a river.

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“More bodies of ISWAP found after a deadly clash that resulted in the killing of 200 fighters by Boko Haram”, he wrote on X.

READ ALSO:Reps Raise The Alarm Over Terrorists’ Threat To Bomb N’Assembly Complex

It was gathered that the rival clash took place on the shores of Lake Chad near Dogon Chiku in the Northeast on Sunday.

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DAILY POST reports that since ISWAP began as a splinter group from Boko Haram in 2016, both factions have repeatedly clashed.

The Northeast has been one of the regions in the country that is highly bedeviled by the activities of the criminal elements.

Watch video here.

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[JUST IN] Terrorism: Nnamdi Kanu Appeals For Stay Of Proceedings Ahead Of Nov 20 Judgment

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The leader of the Indigenous People of Biafra, IPOB, has filed an application at the Court of Appeal, praying for a stay of further proceedings in his trial before Justice James Omotosho of Abuja Federal High Court.

In the motion, Kanu urged the Appeal Court to stay delivery of judgment pending the determination of the appeal.

Kanu’s appeal may impact the 20th November date fixed for delivery of judgment in the trial.

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He filed the motion on notice in pursuant to section 36(1) of the Nigerian constitution.

READ ALSO: Nnamdi Kanu: Court Summons Wike, Buratai, T. Y Danjuma, Uzodinma, Others As Witnesses

Recall that Justice Omotosho had fixed November 20 to deliver judgement in Kanu’s terrorism trial.

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But the IPOB had contested the charge, stressing that he can’t be tried on the basis of a repealed law, the terrorism act.

Details soon…

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PAP Begins Second Phase Distribution Of Laptops To Scholarship Beneficiaries

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The Presidential Amnesty Programme has commenced the second phase of the distribution of laptops to its scholarship beneficiaries who were deployed for the 2024/2025 academic year to universities within Nigeria.

The exercise, which followed the directive of the PAP Administrator, Dr Dennis Otuaro, is aimed at enhancing learning and research by the students in their various institutions.

A statement issued by Mr Igoniko Oduma, Special Assistant on Media to the Administrator, said
he first phase of the distribution was carried out between April and May, 2025, and over 663 final year scholarship beneficiaries received the mobile computing device.

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During that exercise, the PAP also diligently undertook a physical verification and orientation programme for the beneficiaries in the resumption list for the 2024/2025 academic session.

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Speaking on the second phase of the distribution, Otuaro reiterated that his decision was informed by the usefulness of laptop to academic pursuit and overall success.

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He also stated that the gesture was in fulfillment of his promise to the scholarship beneficiaries during his tour of partnering universities in 2024.

Otuaro expressed the hope that the mobile computing device would greatly support learning and research by the students and also help them achieve academic excellence.

He urged them to make good use of it and justify the Federal Government’s huge investment in their education.

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READ ALSO:Otuaro Thanks Tinubu As PAP Deploys 161 For Foreign Post-graduate Scholarship

The PAP boss also advised them to take their studies seriously and avoid acts capable of jeopardizing their academic pursuits and bright futures.

He said the PAP would continue to support the beneficiaries of the scholarship scheme to achieve academic excellence.

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He restated his leadership’s unwavering commitment to implementing the programme’s objectives for the socio-economic advancement of the Niger Delta in line with the Renewed Hope Agenda of President Bola Tinubu.

READ ALSO:PAP Slots To Itsekiri Privilege Not Right, Group Insists

Otuaro further expressed profound appreciation to the President for supporting the PAP wholeheartedly, stressing that it shows his sincere love for the region and his strong desire to close the human capital development gap in the area.

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He urged the youths and people of the region to return the President’s gesture by giving his administration the expected support in all areas.

He assured the President of his leadership’s unwavering commitment to complementing the renewed hope agenda in the Niger Delta by consolidating on the programme’s achievements.

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