BREAKING: GIVE ME SEVEN DAYS TO ADDRESS THE CASH CRUNCH - BUHARI

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On Friday, President Muhammadu Buhari, pleaded with the populace to give him seven days to address the cash shortage that 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.

Speaking to the Progressive Governors’ Forum, which had come to the Presidential Villa to seek solutions to the cash crunch, which they claimed was endangering the administration’s success in transforming the economy, Buhari said the currency redesign would help the economy grow and have long-term advantages. He expressed skepticism over banks’ dedication to the policy’s success in particular. “Some banks are inefficient and only concerned about themselves”, said the President, “even if a year is added, problems associated with selfishness and greed won’t go away.”

He assured them that the remaining seven days of the 10-day extension would be used to eliminate any obstacles to the proper implementation, citing televised reports of cash shortages and hardship to small enterprises and common people.

“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 was quoted to have said in a statement released by his spokesman, Garba Shehu.

The governors informed the president that while they supported his plan to revamp the currency and thought it was a wonderful idea, the implementation had gone horribly wrong 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 control the simultaneous flourish of the new and old notes through the end of the year.

According to the President, when he was debating whether to approve the program, he required a commitment from the CBN that no additional notes would be manufactured abroad. In return, they assured him that there was sufficient capacity, staff, and equipment to print the currency for local requirements. He claimed he needed to return to get the truth about what was taking place.

Buhari assured the governors that he had heard their concerns and would act to find a solution since he was closer to the people.