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.