By Iliya Kure, Los Angeles
Following Naira scarcity that hit Nigeria, caused by recent redesign of higher denominations of the currency by Central Bank of Nigeria (CBN), President Muhammadu Buhari has asked citizens to grant him seven days to resolve the matter.
President had earlier approved extension of the deadline for mopping up the old currency from January 31st to February 10th, yet the problem persisted.
President Buhari who was addressing state Governors on a courtesy visit to him in Abuja on the matter, said the currency redesign was meant to boost the country’s economy and provide long-term benefits.
He however expressed doubts on commitment of some banks to success of the policy.
“Some banks are inefficient and only concerned about themselves,” Buhari said. “Even if a year is added, problems associated with selfishness and greed won’t go away.”
Buhari noted the shortages of cash and hardship to local businesses and citizens, assuring that the remaining 10-day extension will be used to crackdown on activities hampering the smooth flow of the implementation.
The President said, while approving the policy, the CBN had assured him that the new notes would be printed in Nigeria due to adequate capacity, manpower and equipment.
He assured the Governors that he would revert to the CBN to unravel the mystery behind the development.
“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.
The Governors had earlier told the President that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.
They told the President that, as leaders of the government and party in their respective states, they were worried about a cash crunch in the economy and its effect on the forthcoming general elections.
They requested the President to use his powers to direct the concurrent use of the new and old notes till the end of the year.