Buhari asks for 7 days to resolve currency redesign crisis

APC govs ask president to allow new, old notes co-exist

President Muhammadu Buhari has urged citizens to give him seven days to resolve the cash crunch that has become a problem across the country following the policy of the Central Bank of Nigeria (CBN).

The president made the call yesterday while speaking to the Progressive Governors Forum (PGF) who came to the Presidential Villa, Abuja, to seek solution to the cash crunch, which they said was threatening the good records of the administration in transforming the economy.

President Buhari, in a statement issued by his spokesman, Malam Garba Shehu, noted that the currency redesign would give a boost to the economy and provide long-term benefits, while expressing doubts about the commitment of banks to the success of the policy.

“Some banks are inefficient and only concerned about themselves; even if a year is added, problems associated with selfishness and greed won’t go away,” he stated.

He stated that he had 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 would 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 another in the remaining seven days of the 10-day extension,” the president assured.

The governors told the president that while they agreed that his decision on the renewal of currency was good and they are fully in support of it, its execution had been botched and their constituents were becoming increasingly upset.

They told the president that as leaders of the government and the All Progressives Congress (APC) in their different states, they were becoming anxious about a slump in the economy and the forthcoming series of elections.

They requested the president to use his powers to direct the concurrent usage of the new and old notes till the end of the year.

The president said that when he considered giving the approval to the policy, he demanded an undertaking from the CBN that no new notes would be printed in a foreign country, and they in turn, gave him assurances that there was enough capacity, manpower and equipment to print the currency for local needs.

He said he needed to go back to find out what was actually happening.

President Buhari told the governors that, being closer to the people, he had heard their cries and would act in a way that there would be a solution.

Speaking to State House reporters after the meeting, Governor Abdullahi

Ganduje of Kano State said President Buhari pledged to look into their requests.

Asked whether they spoke about currency swap and if the president agreed to further extend the deadline he said, “Our request is for the deadline to be extended. Not only that, the old currency should go along with the new naira until the old currency dies a natural death, which is possible.”

On his part, Governor Nasir el-Rufai said the CBN mopped up over N2trillion of the old notes but printed only N300billion, which was not enough. He said the apex bank should have printed at least half of what they mopped up, which is N1trn if it had wanted to implement the cashless policy.