President Muhammadu Buhari Friday urged Nigerians to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria to change high value naira notes with new ones.
President Buhari said this while speaking with the members of the Progressive Governors Forum who came to the Presidential Villa to seek solutions to the cash crunch they said was threatening the good records of the administration in transforming the economy.
According to a press statement, the President said the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy. “Some banks are inefficient and only concerned about themselves,” he said, “even if a year is added, problems associated with selfishness and greed won’t go away.”
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 will 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.