President Muhammadu Buhari has asked Nigerians to give him seven days to resolve the crisis caused by the scarcity of new Naira notes. Mr. President said he is aware of reports about cash shortages and the effect on local businesses and ordinary people. Buhari, in a statement on Friday following a closed-door meeting with APC Governors urged Nigerians to give him seven days to resolve the problem. He assured that the currency re-design will give a boost to the economy and provoke long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.
“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,” said the President.
“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.”
Reacting, 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.
Meanwhile, some residents in parts of Ibadan stormed major streets to protest persisting fuel and Naira scarcity.
Some of the areas where the frustrated residents protested includes Agodi Gate, Idi Ape and Iwo Road.
The protesters burnt several tyres so as to register their displeasure.
