Naira Redesign: El-Rufai Dares Buhari, Insist N500, N1000 Notes Remains Legal Tender In Kaduna

The Kaduna State Governor, Nasir El-Rufai has insisted that the old N500, N1000 naira notes remains a legal tender in the state as ordered by the Supreme Court.

VerseNews reports that El-Rufai in his statement told Kaduna residents that no deadline can render the old naira notes worthless and they are still acceptable for exchanges in the state.

This Online Newspaper earlier reported that President Muhammadu Buhari had on Thursday February 16 extended the validity of N200 notes while N500 and N1000 cease to be a legal tender in Nigeria.

ALSO: Buhari Extends N200 Notes Validity, Announces New Deadline

Contrary to Buhari’s broadcast, El-Rufai argued that the Central Bank of Nigeria (CBN) Act 2007 section 20 recognizes old naira notes as a legal tender and can be used for exchange even in the next 100 years.

He assures Kaduna residents that they will never lose their money as the law is with them.

El-Rufai said; “Calm and peaceful and support the lawful means being utilized 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 all notes.”

“Let no artificial or illegal deadlines fighting you. Whether you live in towns, villages or in related rural communities, do not feel stampeded to deposit your old notes into 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 in section 20, subsection three and the bills of the Exchange Act both obliged the Central Bank of Nigeria to recognize 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, are traditional institution. Elected local government councils, markets and credit associations and so on, will help you collect, record, document.”