President Muhammadu Buhari on Friday assures Nigerians of a lasting solution to the current shortage of cash in the country as the deadline for the deposit of old naira notes approaches.
The President made this known in a Twitter post adding that he is aware of the cash shortages and hardship being faced by Nigerians as a result of the Naira redesign.
He stated that he had had a meeting the delegations of governors and all the complaints about the execution of the currency change are being seriously looked into.
He however ensured that everything will be resolved hence Nigerians should expect a significant improvement any time soon.
The tweet reads in full:
I am aware of the cash shortages and hardship being faced by people and businesses, on account of the Naira redesign. I want to assure that we are doing everything to resolve these issues. Nigerians should expect significant improvements between now and the February 10 deadline.
I met with a delegation of Governors today, on the matter. All the complaints about the execution of the currency change are being seriously looked into. I will ensure that everything is resolved in a lasting manner, and we will all enjoy the long-term benefits of the decision.
Meanwhile, earlier today, President Buhari requested a 7-day period from Nigerians to resolve the shortage of cash caused by the CBN’s redesigning of the naira currency.
He stated this while addressing the Progressive Governors’ Forum who came to the Presidential Villa in Abuja seeking solutions for the financial crisis that was hindering the administration’s progress in transforming the economy
According to President Buhari, the currency re-design will have a positive impact on the economy and offer lasting advantages.
In a statement issued by Garba Shehu, the Senior Special Assistant to the President on media and publicity, following the meeting, the President expressed his concerns about the inefficiencies of certain banks and their self-centered focus. He emphasized that even with the addition of a year, the issues of greed and selfishness will persist.
According to the statement, the governors informed the President that although they concurred with his determination on the currency renewal, the implementation had been poorly handled and their constituents were growing increasingly dissatisfied.
They further informed President Buhari of their growing concern regarding the economic downturn and the approaching elections. They asked the President to exercise his authority and mandate that both old and new notes circulate simultaneously until the end of the year.
President Buhari stated that before he gave the green light to the policy, he required a commitment from the Central Bank of Nigeria (CBN) that they would not print any new notes abroad. The CBN provided him with assurances that they had the necessary resources, personnel, and technology to handle the printing of the currency domestically to meet the country’s demands.
On this note, he stated that he needed to return and investigate the situation firsthand adding that he had taken notice of their pleas and will act with the intention of finding a resolution.
He then reassured those present that the remaining seven days of the ten-day extension would be utilized to address any barriers preventing successful implementation.