President Muhammadu Buhari pleaded with Nigerians to give him seven days to end the cash shortage caused by the Central Bank of Nigeria’s (CBN) redesign of the naira notes.
He made this statement while addressing the Progressive Governors’ Forum (PGF), who had come to the Presidential Villa in Abuja on Friday to seek solutions to the cash shortage, which they claimed was endangering the administration’s successful record of reshaping the economy.
The redesigned currency will strengthen the economy and have long-term advantages, President Buhari told the governors of the All Progressives Congress (APC).
He also questioned the banks’ dedication to the achievement of the initiative.
The Senior Special Assistant to the President on media and publicity, Garba Shehu, issued a statement following the meeting that quoted the President as saying that some banks are ineffective and only concerned with themselves, and that even if an additional year is added, problems related to selfishness and greed won’t go away.
Assuring that the remaining seven days of the 10-day extension will be utilised to stomp out any obstacles to a proper implementation, Buhari mentioned that he had seen television reports regarding cash shortages and the pain they were causing to local companies and regular citizens.
The President further stated that a decision would be made after consulting with the CBN and the Minting Company.
According to the statement, 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 further requested the President to use his powers to direct that the old and new notes co-circulate till the end of the year.
The President said when he considered giving the approval to the policy, he had 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.
Against this backdrop, he declared that he needed to go back to find out what was actually happening, assuring 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.