By John Ikani
President Muhammadu Buhari has urged citizens to give him seven days to address the lingering issue of currency crunch resulting from the Central Bank of Nigeria (CBN)’s redesigning of naira notes.
A statement issued by Presidential Spokesman Femi Adesina revealed that the President made the appeal during a meeting with the Progressive Governors Forum on Friday at the State House.
The APC Governors were in the Presidential Villa to seek solutions to the cash crunch which they said “was threatening the good records of the administration in transforming the economy.”
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 further requested the President to use his powers to direct that the old and new notes co-circulate till the end of the year.
Responding, the President affirmed that although the currency re-design will give a boost to the economy and provide long-term benefits, he has lost faith in 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,” he said.
He 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 would be used to crackdown on whatever stood in the way of successful implementation.
Buhari added that when he considered giving approval to 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 actually happening.
“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.
