By Olusegun Obisanya
President Muhammadu Buhari and Nigerian Governors have commenced a crucial meeting to find a lasting solution to the currency swap debacle that has left tales of woes, pains, economic hardship on the citizenry coupled with fuel scarcity even as the Presidential election draws closer.
Consequently, President Buhari has told Nigerian governors to give him seven days to resolve the cash crunch that has become a problem across the country following the naira redesign by the Central Bank of Nigeria.
This was disclosed in a statement by the Presidency on Friday following a closed-door meeting with APC Governors in the FCT, Abuja.
The President also pleaded with Nigerians to give him seven days to resolve the problem. He noted that 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.
President Buhari said some banks are only concerned about themselves, describing them as inefficient.
He said, “Some banks are inefficient and only concerned about themselves, even if a year is added, problems associated with selfishness and greed won’t go away.
“I have 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.”
However, the Governors urged the President to extend the deadline for the naira swap until the end of the year.
The Governors told the President that while they agreed that his decision on the renewal of currency was good, its execution had been botched and their constituents were becoming increasingly upset.
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.
