President Muhammadu Buhari has asked Nigerians to give him seven days to resolve the cash crisis caused by the policy of the Central Bank of Nigeria (CBN) to redesign the naira notes.
The president made the plea on Friday while speaking to the Progressive Governors’ Forum (PGF) who visited him at the Presidential Villa in Abuja to seek solutions to the cash crunch that is causing hardship and slowing economic activities across the country.
“I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” the president said.
He said the currency re-design will give a boost to the economy and provide long-term benefits.
However, he expressed doubts about the commitment of banks in particular to the success of the policy, saying “some banks are inefficient and only concerned about themselves.”
He went further to say that “even if a year is added, problems associated with selfishness and greed won’t go away,” according to a statement released after the meeting by the Senior Special Assistant to the President on media and publicity, Garba Shehu.
PRESIDENT BUHARI ASKS FOR 7 DAYS FOR A MAJOR DECISION ON CURRENCY REDESIGN
— Government of Nigeria (@NigeriaGov) February 3, 2023
Buhari said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave 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.
According to the statement, 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 giving the approval to 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.
Against this backdrop, he declared that he needed to go back to find out what was actually 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.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
