He also questioned the banks’ dedication to the policy’s effectiveness in particular.
Following the Central Bank of Nigeria’s (CBN) redesign of the naira notes, President Muhammadu Buhari on Friday requested seven days from Nigerians to find a solution to the cash shortage.
He made this statement while addressing the Progressive Governors’ Forum (PGF), who had come to see him at the Presidential Villa in Abuja in order to find a solution to the cash shortage, which they claimed was endangering the administration’s successful record of reshaping the economy.
The currency redesign, according to President Buhari, will stimulate the economy and have long-term advantages. He was speaking to the governors of the All Progressives Congress (APC).
He also questioned the banks’ dedication to the policy’s effectiveness in particular.
The President reportedly said that some banks are ineffective and only concerned with themselves, and that even if an additional year is added, problems related to selfishness and greed won’t go away, according to a statement released after the meeting by the Senior Special Assistant to the President on media and publicity, Garba Shehu.
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Buhari assured that the remaining seven days of the 10-day extension will be used to crack down on anything impeding effective execution after citing television reports of cash shortages and hardship to local companies and common people.
The President further stated that he would contact the CBN and the Minting Company again and make a decision.
The governors reportedly informed the president that, while they agreed with his choice to revive the currency and wholeheartedly supported it, the execution had been disastrous and their constituents were growing increasingly irate.
They expressed to the President their growing apprehension over an impending economic downturn and the upcoming round of elections as the leaders of the government and party in their respective states. They also asked the President to utilise his authority to order that the old and new notes circulate together through the year’s end.
The President claimed that when he thought about approving the strategy, he had the CBN promise that no additional notes would be manufactured abroad, and they had in turn assured him that there was sufficient capacity, staff, and equipment to print the money for local requirements.
In light of this, he claimed that he needed to return to learn the truth, promising the governors that because he was closer to the populace, he had heard their cries and would act in a way to bring about a resolution.
