President Muhammadu Buhari on Friday asked the Nigerian people to give him seven days to deal with liquidity issues following an redesign of the Central Bank of Nigeria’s (CBN) naira banknotes.
He said this while speaking to the Progressive Governors Forum (PGF), who visited him at the presidential villa in Abuja to find a solution to the cash crisis they say is threatening. the government’s good performance in the economic transformation.
President Buhari told the governors of the All Progressive Congress (APC) that the currency redesign will boost the economy and bring long-term benefits.
He also expressed doubts about the commitment of banks in particular to the success of the policy.
According to a statement released after a meeting of the President’s Senior Special Assistant for Communications and Public Affairs, Garba Shehu, the President said that some banks are inefficient and only care about themselves. them and even with an extra year, the problems related to selfishness and greed will not go away.
Buhari said 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.
The President further promised that he will revert to the CBN and the Minting Company and a decision will be taken.
According to the statement, the governors told the president that although they agreed with his decision to renew the currency as well and that they fully supported him, his execution was foiled and Their voters are increasingly upset.
They told the president that as government and party leaders in different states, they were worried about the collapsing economy and the series of upcoming elections. They also asked the President to use his powers to order the old and new bills to be circulated simultaneously until the end of the year.
The President said that when considering and approving the policy, he asked CBN to commit not to print new money abroad and that they ensure that they have enough capacity, human resources and equipment to print money for the local needs.
In this context, he said he had to go back to find out what was wrong, assuring the governors that closer to the people, he had heard their cry for help and would act to find a solution.
What possible resolution do you think will be made on this?
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