On Friday, President Muhammadu Buhari 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 (CBN) decision to replace high value Naira notes with new ones.
He made this statement while addressing the Progressive Governors Forum (PGF), who had come to the Presidential Villa to look for solutions to the cash crunch that they claimed was endangering the administration’s successful record of reshaping the economy.
President Buhari expressed scepticism about the commitment of banks in particular to the currency redesign, saying it will not necessarily stimulate the economy or have long-term advantages and achievement of the policy. The President declared that some banks were ineffective and only concerned with themselves. He continued, “Even if another year is added, problems related to selfishness and greed won’t go away.”
The 10-day extension will be used to crack down on anything impeding successful implementation, the speaker promised, citing televised reports concerning cash shortages and hardship to small firms and common people.
“I’ll get back to you, CBN and Minting Company. The last seven days of the 10-day extension will see a decision made, the President promised.
While they acknowledged that the President’s choice regarding the renewal of currency was its execution had been a disaster, and their constituents were growing more irate with each passing day.
They expressed to the President their growing apprehension over an impending economic downturn and the upcoming round of elections as the leaders of the government and party in their respective states. They asked the President to exercise his authority to control the simultaneous flourish of the new and old notes through the end of the year.
The President said that before approving the programme, he wanted an assurance from the CBN that no new notes would be printed abroad. The CBN responded by assuring him that there was sufficient capacity, manpower, and equipment to print new notes ,the money used for local purchases. He claimed he needed to return to get the truth about what was taking place.
Being closer to the people, President Buhari informed the governors that he had heard their cries and would act in a way that would result in a solution.
