The Central Bank of Nigeria (CBN), according to President Muhammadu Buhari, told him that there was “capacity, staff, and equipment” to print enough replacement naira notes.
He claimed that before he gave his blessing to the naira redesign strategy, he received the promise.
After discussing the issue with the governors of the All Progressives Congress (APC), the president spoke on Friday.
As Nigerians struggle to access cash at banks and point-of-sale terminals, tension in the nation has escalated.
For the usage of old notes, the Central Bank of Nigeria (CBN) had set a deadline of January 31; however, it was most recently extended to February 10.
The amount of days, according to a number of stakeholders, is not enough to ensure the new notes are circulated widely.
The CBN assured him that there was sufficient capacity, staff, and equipment to create the currency for local purposes after the president demanded a “undertaking from the CBN that no fresh notes will be printed in a foreign nation,” according to remarks the president made on Friday.
Given the circumstances, the president declared that he would “go back to find out what was truly happening.”
Buhari also questioned the banks’ dedication to the policy’s success, labeling them as “inefficient.”
Even if a year is extended, he claimed, “some banks are ineffective and just concerned about themselves. Problems related to selfishness and greed won’t go away.”
The governors of the APC had earlier urged the president to permit the coexistence of both the old and new naira notes in order to lessen the pain of Nigerians.
Although the Central Bank of Nigeria (CBN) removed nearly N2 trillion in old notes from circulation, only N300 billion in new notes were created, according to Nasir el-Rufai, governor of Kaduna state.
Naira scarcity: Buhari indicts Bank CEOs
President Muhammadu Buhari has accused some bank CEOs of being greedy and ineffective for the limited supply of naira notes in use, claiming that they have not done a good job of dispersing the new notes.
The President also pleaded with Nigerians to give him seven days to address the cash shortage, which has spread throughout the nation as a result of the Central Bank of Nigeria’s decision to replace high-value Naira notes with new ones.
The president addressed the governors of the All Progressive Party who had come to see him at the presidential villa to request a review of government policy regarding the naira. He claimed that such a review would result in solutions to the cash crunch, which they claimed was endangering the administration’s success in reshaping the economy.
President Buhari expressed worries about the commitment of banks in particular to the achievement of the program in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, who claimed that the currency redesign will stimulate the economy and deliver long-term advantages.
According to the president’s quote from the announcement, “Some banks are ineffective and solely interested in themselves. Even if another year is added, selfishness-related issues will still exist.
The President assured that the remaining seven days of the 10-day extension will be used to tough down on anything impeding successful implementation, noting reports of cash shortages and hardship on local companies and common people.
“I’ll get back to you, CBN and Minting Company. The last seven days of the 10-day extension will see a decision made, the President promised.
The Governors informed the President that, while they agreed with his choice to refresh the currency and totally supported it, the execution had been disastrous and their constituents were growing more and more irate.
They expressed to the President their growing apprehension over an impending economic downturn and the upcoming round of elections as the leaders of the government and party in their respective states. They asked the President to exercise his authority to prevent the simultaneous use of the new and old notes after the year’s end.
According to the President, before deciding to approve the policy, he wanted an assurance from the CBN that no fresh notes would be manufactured abroad. In return, they assured him that there was sufficient capacity, staff, and equipment to print the currency for local purposes. He claimed he needed to return to get the truth about what was taking place.
Being closer to the people, President Buhari assured the governors that he had heard their pleas and would make the right choice.
Unverified rumors claim that several bank CEOs stole a sizable quantity of the brand-new naira notes from various politicians.
When the APC Governors urged that the old and new naira notes be made to circulate simultaneously to ameliorate Nigerians’ suffering, it was learned that they had anticipated receiving a direct reaction from the President. We ascertained that the President did not reply to that.
The governor claimed that the APC governors had told President Buhari that due to a lack of patronage, the general populace was suffering and that traders were losing their wares.
According to him, several tomato vendors who traveled from the north to Lagos with their wares were unable to sell them due to a lack of naira, therefore their goods were wasted.
“We, the governors of the All Progressives Congress under the auspices of the Progressive Governors Forum, have met with the President and advised him about the issue that is bothering us and the difficulties the people are experiencing as a result of the currency redesign policy,” he stated.