The All Progressives Congress (APC) governors have alleged that the Central Bank of Nigeria (CBN) printed only N300 billion worth of new notes, while mopping up over N2 trillion of the old notes in circulation.
The governors made the revelation after their meeting with President Muhammadu Buhari in Abuja on Friday.
The APC governors had visited the president to appeal to him to allow both the old and new naira notes to co-exist to ease the suffering of Nigerians.
Briefing journalists on the outcome of the meeting at the state house, Kaduna State Governor, Nasir El-Rufai, who was flanked by Kano State Governor, Abdullahi Ganduje, said the request was made to the president when the APC governors met with him in his office on Friday.
El-Rufai explained that if the CBN intends to implement the cashless policy, the apex bank should have printed at least half of what was mopped up.
He said the governors told the president that the masses are suffering and traders are losing their goods due to a lack of patronage.
El-Rufai said they appealed to Buhari to reconsider his stance.
The Kaduna governor, however, said the president did not decline or approve the request.
He said Kebbi State Governor and Chairman of the Progressive Governors Forum, Atiku Bagudu, was meeting with the president privately in a bid to convince him to shift ground on the matter.