President Muhammadu Buhari has urged citizens to give him seven days to resolve the naira scarcity which has become a problem across the country.
Gatekeepers News reports that the President said this while addressing the Progressive Governors’ Forum who paid him a visit at the Presidential Villa.
The Governors sought to find solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.
Although Buhari said the currency re-design would give a boost to the economy and provide long-term benefits, he expressed doubts about the commitment of banks in particular to the success of the policy.
The President said, “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.”
Buhari noted that 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 crack down on whatever stood in the way of successful implementation.
“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 was quoted to have said in a statement released by his spokesman, Garba Shehu.
Meanwhile, the governors told the President that while they agreed that his decision on the currency redesign was good and that they were fully in support, its execution had been botched and their constituents were becoming increasingly upset.
They expressed fear over a slump in the economy and the series of elections that are coming.
They, however, requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.
Buhari told the governors that, being closer to the people, he had heard their cries and would act in a way that there will be a solution.
