President Muhammadu Buhari plead with Nigerians, demands 7 days to fix Naira design cash crunch
President Muhammadu Buhari pleaded with Nigerians on Friday to give him seven days to resolve the cash shortage caused by the Central Bank of Nigeria’s (CBN) decision to replace high-value Naira notes with new ones.
Buhari stated that the currency re-design will stimulate the economy and provide long-term benefits, but he questioned the commitment of banks in particular to the success of the policy.
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After meeting behind closed doors with All Progressives Congress (APC) governors, President Buhari stated, “Some banks are inefficient and only concerned with themselves.” Even if an additional year is added, problems related to selfishness and greed will persist.”
He stated that he had seen television reports about cash shortages and hardships for local businesses and ordinary citizens, and he provided assurances that the remaining seven days of the 10-day extension would be used to eliminate any obstacles to successful implementation.
“I will communicate with the CBN and Minting Company. In the remaining seven days of the 10-day extension, a decision will be reached,” Buhari declared.
The governors informed the president that while they agree with and fully support his decision to renew the currency, its execution has been botched and their constituents are becoming increasingly angry.
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They requested that the President use his authority to oversee the concurrent growth of new and old currency until the end of the year.
Buhari stated that when he considered approving the policy, he demanded an assurance from the CBN that no new notes would be printed abroad, and they assured him that there was sufficient capacity, manpower, and equipment to print the currency for local needs.
President Buhari informed the governors that he has heard their cries and will act to find a solution.
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