Sunday , April 2 2023

Buhari asks for 7 days for a major decision on currency redesign

President Muhammadu Buhari on Friday asked Nigerians to give him seven days to resolve the cash crunch following the Central Bank of Nigeria, CBN’s redesigning of the naira notes.

Buhari said this while speaking to the Progressive Governors’ Forum, PGF, who visited him at the Presidential Villa in Abuja to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.

President Buhari told the All Progressives Congress, APC governors that the currency re-design will give a boost to the economy and provide long-term benefits.
The President stated that some banks are inefficient and only concerned about themselves and that even if a year is added, problems associated with selfishness and greed will not go away.

The President further promised that he will revert to the CBN and the Minting Company and a decision will be taken.

Governor of Kaduna State, Nasir El-Rufai, who spoke to journalists revealed this shortly after governors elected on the All Progressives Congress ticket met the President and argued that their action has become necessary as the CBN mopped up over Two Trillion Naira of the old notes but only printed Three Hundred Billion Naira of the new ones.

The former FCT minister said the CBN’s cashless policy should have been preceded by the printing of at least half of the amount mopped up.
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