Following the cash crunch experienced by Nigerians since the introduction of the redesigned naira notes by the Central Bank of Nigeria, (CBN), President Muhammadu Buhari, on Friday, said he would revert to the apex bank for major decisions within seven days, ahead of the February 10th, deadline imposed on old naira denominations, (N1,000.00, N500,00 and N200,000) across the country.
Buhari made the disclosure at the Presidential Villa, Aso Rock, Abuja, on Friday, while speaking to the Progressive Governors Forum who came to seek solutions to the cash crunch.
He said; “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,”
“When I considered giving the approval to the policy, i 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”. He said he needed to go back to find out what was actually happening.
“I 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.” He said.
According to the President, 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”, said the President, “even if a year is added, problems associated with selfishness and greed won’t go away.”
The Governors who expressed gratitude to the President’s intervention on the current situation of cash shortage, said 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.
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.
President Buhari told 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.
