By Babalola Seyi
In the midst of the present turmoil surrounding the redesign and distribution of the naira, President Muhammadu Buhari has stated that he will make a key decision in one week.
According to a statement issued by his media adviser, Garba Shehu, on Friday, Buhari’s request stems from a meeting he had with members of the Progressive Governors Forum in the State House.
Buhari said that he will tackle the cash crisis afflicting Nigerians within seven days as a result of the Central Bank of Nigeria’s strategy of replacing high-value Naira notes with new ones.
The Progressive Governors Forum had urged the President to reconsider his position, particularly because the policy was jeopardizing the administration’s record of economic transformation.
But Buhari said he believes 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.
He indicted some bank management, saying, “Some banks are inefficient and only concerned about themselves”.
The President, also added that “even if a year is added, problems associated with selfishness and greed won’t go away.”
According to him, 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 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 President assured.
Meanwhile, 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, 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 different states, they were becoming anxious about a slump in the economy and the series of elections that are coming. 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.
The President said when he considered approving the policy, he demanded an undertaking from the CBN that no new notes will 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.
Buhari told the Governors that, being closer to the people, he had heard their cries and will act in a way that there will be a solution.
