The President, Major General Muhammadu Buhari (retd.), has promised to resolve the current cash crunch that has become a problem across the country.
According to The PUNCH, he stated this on Friday at the Progressive Governors Forum which was held at the Presidential villa.
Buhari stated that the currency redesign will stimulate the economy and deliver long-term advantages, but he expressed reservations about banks’ commitment to the policy’s success. “Some banks are inefficient and solely concerned with themselves,” the President stated, adding that “issues related with selfishness and greed will not go away even if a year is added.”
He stated that he had seen television stories concerning cash shortages and difficulty 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 execution.
“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 assured
The Governors informed the President that, while they agreed with his choice on currency renewal and completely supported it, its execution had been mishandled, and their constituents were getting increasingly dissatisfied.
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. They asked the President to utilize his authority to direct the simultaneous issuance of new and old notes till the end of the year.
According to the President, before deciding to approve the policy, he demanded an assurance from the CBN that no new notes would be printed abroad. In return, they assured him that there was sufficient capacity, manpower, and equipment to print the currency for local needs. He claimed he needed to return to get the truth about what was taking place.
Buhari assured the governors that he had heard their concerns and would act to find a solution since he was closer to the people.