President Muhammadu Buhari has told Nigerian governors to give him seven days to resolve the cash crunch that has become a problem across the country following the naira redesign by the Central Bank of Nigeria.
This was disclosed in a statement by the Presidency on Friday following a closed-door meeting with APC Governors.
The President also urged Nigerians to give him seven days to resolve the problem. He noted that the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.
Scarcity and inefficiency: President Buhari said some banks are only concerned about themselves, describing them as inefficient. He said:
- “Some banks are inefficient and only concerned about themselves”, said the President, “even if a year is added, problems associated with selfishness and greed won’t go away.
- “I have 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 will 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 governors’ reaction: Meanwhile, the Governors urged the President to extend the deadline for the naira swap until the end of the year.
The Governors told the President that while they agreed that his decision on the renewal of currency was good, its execution had been botched and their constituents were becoming increasingly upset
They requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.
In any Sane Country, the Chancellor Exchequer & CBN GOVERNOR would be Gone for All the SHAMBLES of Solving One Problem to Create a Litany More Problems. Just Wondering WTF them Lot Discuss at All the Meetings. The Message from the President is No matter how Much these Incompetents SCREWED UP, there’s No Consequences & Nigerians should just Grind their teeth and get on with it…. What a Recipe for DISASTER !