Buhari Requests 7-Day Grace for Cash Crunch Resolution
President Muhammadu Buhari on Friday urged citizens to give him seven days to resolve the cash crunch caused by the Central Bank of Nigeria’s (CBN) policy of replacing high-value Naira notes with new ones.
Buhari made the remarks after meeting with governors elected on the All Progressives Congress (APC) platform in Abuja.
He believes the currency re-design will boost the economy and provide long-term benefits, but he is skeptical of banks’ commitment to the policy’s success.
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“Some banks are inefficient and only concerned with themselves,” Buhari said, adding that “problems associated with selfishness and greed will not go away even if a year is added.”
He stated that he had seen television reports about cash shortages and hardship for local businesses and ordinary people, and he promised that the remaining seven days of the 10-day extension would be used to crack down on whatever was impeding successful implementation.
“I will revert to the CBN and the Minting Company, and a decision will be made in the remaining seven days of the 10-day extension,” the President promised.
The Governors informed the President that, while they agreed with his decision on currency renewal and fully supported it, its execution had been botched, and their constituents were becoming increasingly upset.
They told the President that, as governors and party leaders in their respective states, they were concerned about the economy’s downturn and the upcoming elections.
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They asked the President to use his authority to direct the simultaneous flourishing of new and old notes until the end of the year.
When considering whether to approve the policy, Buhari said he demanded assurance from the CBN that no new notes would be printed in a foreign country, and they in turn assured him that there was enough capacity, manpower, and equipment to print the currency for local needs.
He stated that he needed to return to find out what was going on.
Buhari told the governors that because he was closer to the people, he had heard their cries and would act in such a way that a solution would be found.
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