29.1 C

Naira Redesign: Buhari asks for seven days to tackle cash shortage, blames banks for inefficiency




PRESIDENT Muhammadu Buhari has asked for seven days to tackle problems arising from the naira redesign, especially scarcity of the new notes which has become a major problem across the country.

Buhari made this known to the public through an official Twitter handle after meeting with the incumbent state governors elected on the platform of the All Progressives Congress (APC) in Abuja.

The President maintained that the currency redesign would enhance sustainable growth and boost the nation’s economy.


Redesigned Naira Notes: ICPC arrests bank officials over sabotage

Naira Redesign: A good policy being implemented in a wrong way – Accord Party presidential candidate

ICPC arrests woman selling new naira notes on social media

Naira redesign and withdrawal limits: questionable policy and bad timing

“The currency redesign will give a boost to the economy and provide long-term benefits,” he said.

Expressing doubts about the commitment of banks to the success of the policy, Buhari said some banks were inefficient and avaricious in the way they had handled the situation.

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.”

He admitted that he had seen television reports about cash shortages and hardship to local businesses and the ordinary people.

The president, however, gave assurances that the balance of seven days of the 10-day extension would be used to address whatever could be hindering the successful implementation of the policy.

“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 stated.

The governors, expressing their concerns on the issue of cash scarcity, acknowledged the decision of the president on the redesign of some naira notes, but pointed out that the execution had caused a lot of uproar in their various states.

“They told the President that as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming.

“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,” the tweet said.

Buhari explained that when he considered giving approval to the policy, he demanded an undertaking from the CBN that no new notes would be printed in a foreign country,  and they in turn gave him assurances that there was enough capacity, manpower and equipment to print the currency for local needs. He said he needed to go back to find out what was actually happening.


Author profile

Stories with punches holding the powerful accountable. His determination to speak out against corruption and influence the conversation in Nigeria, the surrounding region and the continent inspires him.

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.


If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.



Gain in 16 stocks fail to lift Exchange as investors lose N137bn

DESPITE the gain recorded in shares of 16 companies, the Nigerian stock market sloped...

‘Why I invested in Geregu power plant despite challenges in power sector’

THE chairman, Geregu Power PLC, Femi Otedola, said he invested in Nigeria's power sector...

How the economy lost almost N10trn to naira redesign – former NBS chief

A FORMER chief executive of the National Bureau of Statistics (NBS), Yemi Kale, said...

Ortom withdraws petition against APC, seeks forgiveness

BENUE State governor Samuel Ortom has withdrawn his petition to the National Assembly Election Petitions...

LP slashes Imo guber form from N25m to N15m after criticisms

THE national leadership of the Labour Party (LP) has reduced the fee for its...

Most Read


Subscribe to our newsletter