Buhari asks for 7 days for major decision on currency redesign

President Muhammadu Buhari has pleaded with the populace to give him seven days to address the cash shortage that has spread throughout the nation as a result of the Central Bank of Nigeria’s decision to replace high-value Naira notes with new ones.

Buhari reportedly said this during a meeting with the Progressive Governors Forum on Friday at the State House, according to a statement from the President’s spokesman, Mr. Femi Adesina.

The APC Governors were in the Presidential Villa looking for solutions to the cash crunch that they claimed was endangering the administration’s successful record of reshaping the economy.

The currency redesign, in President Buhari’s opinion, will boost the economy and have long-term advantages.

He, however, expressed doubts about the commitment of banks in particular to the success of the policy.

“Some banks are inefficient and only concerned about themselves.

”Even if a year is added, problems associated with selfishness and greed won’t go away,” he said.

He 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 would be used to crackdown on whatever stood in the way of successful implementation.

“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 assured.

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 requested the president to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.

The president said when he considered giving the approval to the policy, he demanded an undertaking from the CBN that no new notes would 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.

He said he needed to go back to find out what was actually happening.

Buhari told the governors that, being closer to the people, he had heard their cries and would act in a way that there will be a solution.

NAN the Oct. 26, 2022 policy decision by the CBN to redesign the N200, N500 and N1,000 denominations, and the subsequent announcements including the cash withdrawal limit – have continued to generate reactions. (NAN)