President Muhammadu Buhari has asked Nigerians to give him seven days to resolve the cash crunch following the Central Bank of Nigeria (CBN)’s redesigning of the naira notes.
The president said this while addressing the Progressive Governors’ Forum (PGF) which visited him at the Presidential Villa in Abuja, the nation’s capital on Friday, to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.
Buhari assured that the currency re-design will give a boost to the economy and provide long-term benefits.
The president, in a statement by his Senior Special Assistant on media and publicity, Garba Shehu, shortly after the meeting noted that some banks are inefficient and only concerned about themselves and that even if a year is added, problems associated with selfishness and greed won’t go away.
Buhari added that he had seen television reports about cash shortages and hardship to local businesses and ordinary people, giving assurances that the balance of seven of the 10-day extension will be used to crack down on whatever stood in the way of successful implementation.
He further promised to revert to the CBN and the Minting Company, assuring that a decision will be taken.
The statement informed that the governors told the President that while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.
They told the President that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming. They further requested the President to use his powers to direct that the old and new notes co-circulate till the end of the year.
The President said when he considered approving the policy, he had demanded an undertaking from the CBN that no new notes will be printed in a foreign country and they in turn gave him assurances that there was enough capacity, manpower, and equipment to print the currency for local needs.
President Buhari, however, declared that he needed to go back to find out what was happening, assuring the governors that being closer to the people, he had heard their cries and will act in a way that there will be a solution.
