President Muhammadu Buhari has urged citizens to give him seven days to resolve the nationwide cash crisis caused by the Central Bank of Nigeria’s policy of replacing high-value Naira notes with new ones. The President spoke to the Progressive Governors Forum, who visited the Presidential Villa seeking solutions to the issue that they said was threatening the administration’s record of transforming the economy.
Buhari stated that the currency redesign will provide long-term benefits and boost the economy, but expressed doubts about banks’ commitment to the success of the policy. He also criticized some banks for being inefficient and self-interested. The president assured that he would use the remaining seven days of the 10-day extension to address any obstacles to the successful implementation of the policy.
The Governors informed the President that while they supported his decision to renew the currency, its execution had been flawed and their constituents were becoming increasingly upset. They expressed their concern about the potential impact on the economy and the upcoming elections and requested the president direct the concurrent use of the new and old notes until the end of the year.
READ ALSO: IGP Orders Nationwide Crackdown on Naira Sale and Abuse: Prosecution Ahead for Violators
Buhari emphasized that he had received assurances from the CBN that no new notes would be printed abroad and that there was enough capacity to print the currency locally. He added that he needed to investigate what was actually happening. The president assured the governors that he had heard the people’s cries and would act to find a solution.
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