President Muhammadu Buhari Friday encouraged Nigerians to give him seven days to resolve the cash crunch that has become a problem across the country as a result of the policy of the Central Bank of Nigeria(CBN) to change high value Naira notes with new ones.
Buhari made the called while speaking to the Progressive Governors Forum( PGF), who came to the Presidential Villa to seek answers to the cash squeeze, which they said was threatening the good records of the administration in transforming the economy.
According to a statement by presidential spokesperson, Garba Shehu, President Buhari said the currency re-design will give a boost to the economy and provide long-term benefits while expressing distrust about the commitment of banks in particular to the success of the policy.
Some banks are inexpedient and only concerned about themselves, ”said the President, adding that “ even if a year is added, problems associated with self-regard and greed wo n’t go away.
He said he’d seen TV reports about cash shortages and difficulty 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 accomplishment.
I’ll regress 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 APC Governors had told the President that, while they agreed that his decision on the renewal of currency was good and they’re completely in support, its execution had been botched and their components were getting increasingly worried.
They told the President that, as leaders of the government and party in their different states, they were getting 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.
The President said when he considered giving the approval to the policy, he demanded an undertaking from the CBN that no new notes will be issued in a foreign country and they in turn gave him assurances that there was enough capacity, workforce and equipment to print the currency for local demands. He said he required to go back to find out what was actually happening.
President Buhari told the Governors that, being near to the people, he’d heard their cries and will act in a way that there will be a solution finally.