President Muhammadu Buhari has stated that he will require a week to make a significant decision amid the present controversy surrounding the redesign and distribution of the naira.
Buhari’s request is in response to a meeting he had with members of the Progressive Governors Forum in the State House, according to a statement by his media adviser Garba Shehu on Friday.
Buhari hinted that he would address the cash shortage that Nigerians are experiencing as a result of the Central Bank of Nigeria’s policy to replace high-value Naira notes with fresh ones within seven days.
The Progressive Governors Forum had urged the President to change his mind, particularly because the strategy threatened the administration’s success in reshaping the economy.
But Buhari expressed his worries about the commitment of banks in particular to the implementation of the strategy while maintaining his belief that the currency redesign will enhance the economy and deliver long-term advantages.
He accused some bank executives of being ineffective and just thinking about themselves.
The President further stated that “issues related to selfishness and greed won’t go away, even if a year is added.”
He claimed to have seen media reports about cash shortages causing difficulty for small enterprises and common people, and he assured them that the remaining seven days of the 10-day extension would be used to eliminate any obstacles to the smooth 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 said.
Buhari wants seven days to decide on the situation with the currency redesign.
President Muhammadu Buhari has stated that he will require a week to make a significant decision amid the present controversy surrounding the redesign and distribution of the naira.
Buhari’s request is in response to a meeting he had with members of the Progressive Governors Forum in the State House, according to a statement by his media adviser Garba Shehu on Friday.
Buhari hinted that he would address the cash shortage that Nigerians are experiencing as a result of the Central Bank of Nigeria’s policy to replace high-value Naira notes with fresh ones within seven days.