President Muhammadu Buhari on Friday, February 3, 2023, urged citizens to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria to change high-value Naira notes with new ones.
Buhari made this demand shortly after having a meeting with the states’ governors over the ongoing crisis relating to fuel and new naira notes scarcity.
He said the currency re-design would 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, “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.”
The President 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 would be used to crack down on whatever stood in the way of successful implementation.
He assured them, “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.”
The President said when he considered approving the policy, he demanded an undertaking from the CBN that no new notes would 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. He said he needed to go back to find out what was happening.
Buhari told the governors that, being closer to the people, he had heard their cries and would act in a way that there would be a solution.
During the meeting, 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 requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.
However, Nigerians have lost confidence in the leadership of President Buhari, saying that he has a hidden agenda with currency redesigning and fuel scarcity.
