President Muhammadu Buhari on Friday urged citizens 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.
POLITICS NIGERIA reports 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.
President Buhari told the governors he had heard their cries and will act in a way that there will be a solution.
The current situation of this country is nothing to write home about, the sheer stress, small business have been grounded, banks are not paying the new naira notes, the commonners are mostly affected, some have lost their lives on the cause of this policy
Mr. President act, act now don’t hesitate
Many are suffering
I can hardly agree with u that u are very concerned about d sufferings of ur constituents this time when it has been left unattended since independence
Seven days is too long considering the suffering the masses are going through
I’m seeing the new money is giving all bank in Nigeria problem
I Christopher chigozie mbakwe say that on my own c.b.n should no what is happening in All the bank Sean’s
They don’t care about us…
Thank you my President, I want you for God’s sake, don’t hand over Nigeria to criminals, because you know if you leave Nigeria to criminals it will affect you also, Drug Baron and Terrorist, I beg you Sir, In the name of Allah and Prophet Muhammad (PBOH) for the redesign Naira kindly do something quickly Sir.
Thank you Mr VP for being part of this decay and rot that has been fraudulently and forceful foisted on Nigerians. Your advice is medicine after death.