Buhari demands seven days to decide on currency redesign crisis
President Muhammadu Buhari has stated that he will make a significant decision in one week amid the current situation surrounding the redesign and distribution of the naira.
Buhari’s request is in response to a meeting he had with members of the Progressive Governors Forum in the State House, according to a statement by his media adviser Garba Shehu on Friday.
Buhari hinted that he would address the cash shortage that Nigerians are experiencing as a result of the Central Bank of Nigeria’s policy to replace high-value Naira notes with fresh ones within seven days.
The Progressive Governors Forum had urged the President to change his mind, particularly because the strategy threatened the administration’s success in reshaping the economy.
But Buhari expressed his worries about the commitment of banks in particular to the implementation of the strategy while maintaining his belief that the currency redesign will enhance the economy and deliver long-term advantages.
He accused some bank executives of being ineffective and just thinking about themselves.
The President further stated that “issues related to selfishness and greed won’t go away, even if a year is added.”
He claimed to have seen media reports about cash shortages causing difficulty for small enterprises and common people, and he assured them that the remaining seven days of the 10-day extension would be used to eliminate any obstacles to the smooth implementation.
“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.
In the meantime, the Governors informed the President that, despite their full support and agreement with his decision to extend the currency, the execution had been botched and their constituents were growing more and more irate.
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 requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.
According to the President, as he was debating whether to approve the program, he wanted an assurance from the CBN that no additional notes would be manufactured abroad. In return, they assured him that there was sufficient capacity, staff, and equipment to print the currency for local purposes. He claimed he needed to return to get the truth about what was taking place.
Buhari assured the governors that he had heard their concerns and would act in a way that would lead to a resolution since he was closer to the people.
