In an interactive session with key stakeholders in the state, including scholars, legislators, political leaders, and the business community, Ganduje revealed that his administration had requested that the president postpone his official visit to the state.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that Governor Abdullahi Ganduje of Kano State's claim of security threats has no bearing on the country's ongoing currency swap.
In an interactive session with key stakeholders in the state, including scholars, legislators, political leaders, and the business community, Ganduje revealed that his administration had requested that the president postpone his official visit to the state.
The governor had expressed deep concerns about the hardship caused by the ongoing cash swap from old to redesigned Naira notes.
He had stated that the decision was made to avoid any unexpected circumstances.
However, the CBN governor debunked Ganduje’s assertion, saying: “I don’t understand the relationship between the CBN policy and security challenges in Kano State.”
Emefiele stated that the apex bank had achieved compliance and had experienced tremendous success in the ongoing currency swap across the country.
He noted that all new currencies had security features that made them easy to track to bank branches, and that the process for dealing with defaulters and those who violated the programme had begun.
“Even if they are CBN staff, they will be sanctioned,” Emefiele warned.
Recall that Buhari had earlier on Sunday morning approved extension of the ongoing currency swap by 10 days, moving the deadline from January 31 to February 10.
Following the meeting, the CBN governor told reporters that the currency swap had achieved a success rate of more than 75% of the N2.7 trillion held outside the banking system.
This achievement, he claims, can be seen in lower inflation rates, more stable foreign exchange rates, and a noticeable impact on security, particularly in banditry and kidnapping figures.
The CBN governor noted that redesigns were supposed to be every five to eight years.
He said N2.7 trillion was held permanently in people’s homes.
“Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.
“So far and since commencement of this programme, we have collected about N1.9 trillion; leaving us with about N900 billion (N500 billion + N1.9 trillion),” the CBN governor said.