Buhari asks Nigerians for 7 days to fix New Naira cash crunch
Vondigest reports that President Buhari on Friday urged Nigerians to give him seven days to resolve the cash crunch that has become a problem across Nigeria from the policy of the Central Bank of Nigeria (CBN) to change high-value Naira notes with new ones.
This online platform understands that Buhari said 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.
Speaking after his closed-door meeting with governors of the All Progressives Congress (APC), President Buhari said: “Some banks are inefficient and only concerned about themselves. Even if a year is added, problems associated with selfishness and greed won’t go away.”
He stated that he 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 crack down on whatever stood in the way of successful implementation.
“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,” Buhari said.
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 requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.
Buhari said when he considered giving approval to the policy, he 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.
Buhari said when he considered giving approval to the policy, he 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.
President Buhari told the governors he had heard their cries and will act in a way that there will be a solution.
