• About Us
  • Home
Thursday, September 21, 2023
Shaka Momodu
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
Shaka Momodu
Home News

Buhari Pledges to Resolve the Naira unavailability Crisis

by News Reporters
8 months ago
in News
0 0
0
Buhari Pledges to Resolve the Naira unavailability Crisis
Share on FacebookShare on Twitter

President Muhammadu Buhari has stated that he will require one week to make a significant decision regarding the current crisis caused by the redesign and redistribution of the naira.

Garba Shehu, his media adviser, said in a statement released on Friday that Buhari’s request followed a meeting he had with members of the Progressive Governors Forum.

As a result of the Central Bank of Nigeria’s decision to replace high-value Naira notes with new ones, Buhari made signs that he will alleviate the cash shortage facing Nigerians within the next week.

The Progressive Governors Forum had asked the President to reconsider his attitude, as the program posed a threat to the administration’s record of economic transformation.

Buhari stated that he believes the currency redesign will stimulate the economy and deliver long-term advantages, although he expressed scepticism over the commitment of banks in particular to the policy’s implementation.

He criticized the administration of certain banks, stating, “Some institutions are inefficient and just concerned with themselves.

Even if an additional year is added, problems related to selfishness and greed will persist.”

According to him, he had seen media reports concerning cash shortages and hardships for local businesses and ordinary citizens, and he provided guarantees that the remaining seven days of the 10-day extension would be used to eliminate any obstacles to its implementation.

“I will communicate with the CBN and Minting Company. In the remaining seven days of the 10-day extension, a decision will be reached,” the President stated.

The Governors informed the President that while they agreed with and fully support his choice to revive the currency, its execution had been botched, and their constituents were getting increasingly angry.

As government and party leaders in their respective states, they expressed concern to the President about the impending economic downturn and the upcoming election cycle. They requested that the President use his authority to oversee the concurrent growth of new and old currency until the end of the year.

The President stated that when he considered approving the program, he wanted assurance from the CBN that no fresh notes would be manufactured in a foreign country, and they assured him that there was sufficient capacity, staff, and equipment to print local currency. He stated that he needed to return to determine what was happening.

Buhari informed the Governors that, because he is closer to the people, he has heard their concerns and will act to find a solution.

Tags: Buharinew naira
Previous Post

President Buhari Meets APC Governors, Naira and the Fuel Shortage tops Agenda

Next Post

Ministry of Finance In Dismay as Moody Downgrades Nigeria’s Credit rating

Next Post
Ministry of Finance In Dismay as Moody Downgrades Nigeria’s Credit rating

Ministry of Finance In Dismay as Moody Downgrades Nigeria's Credit rating

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEWS AROUND

  • Oborevwori Endorses SERAP’s Report on Niger Delta | METROWATCH

    Delta State Governor, Rt. Hon. Sheriff […]

  • Chris Nehikhare: Edo New Coral City to Accommodate 50,000 Residents | METROWATCH 

    By Nefishetu Yakubu   The newly- proposed Coral […]

  • BREAKING | Kano Imposes 24-hour Curfew Over Tribunal Ruling | METROWATCH

    Kano State government has imposed a 24-hour […]

  • Subsidy Palliatives: Ondo Probes Attack on Commissioner as 500 Women Activists Shut Down Govt House | METROWATCH

    A coalition of over 500 women organisations and […]

  • BREAKING | Tribunal Sacks Kano Governor Yusuf, Declares APC’s Yusuf Winner | METROWATCH

    The Kano State Governorship Election Tribunal has […]

  • easyMarkets and Real Madrid Celebrate 3-Year Partnership Anniversary with Staggering $1m Prize | METROWATCH

    (PRESS STATEMENT) easyMarkets, a pioneer in the […]

  • Commercial S3x/Illicit Drug Use: Delta Lawmakers Seek Arrest, Prosecution of Offenders | METROWATCH

      By Andrew Ikehi     Worried by the rising […]

  • PR Innovation Takes Center Stage: P+ Measurement Services Presents the 24th #EvaluatePR Edition | METROWATCH

    (PRESS STATEMENT) P+ Measurement Services, a […]

  • In Apparent Safety Concerns, Judges of Kano Governorship Election Tribunal Absent in Court, Deliver Judgement on Zoom | METROWATCH

      Judges of the Kano governorship election […]

  • Tribunal Judgment: FRSC Cautions Party Supporters against ‘Wild Celebrations’ | METROWATCH

    By Bosede Olufunmi The Federal Road Safety Corps […]

  • About Us
  • Home

© 2022 THIS REPUBLIC By Shaka Momodu

No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports

© 2022 THIS REPUBLIC By Shaka Momodu

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version