On Friday, President Buhari urged citizens to give him a week to resolve the nationwide cash shortage caused by the Central Bank of Nigeria’s policy to replace high-value naira notes with new ones. During a visit from the Progressive Governors’ Forum, who were concerned about the negative impact the cash crunch was having on the economy and the administration’s record of transforming it, the President stated that the currency redesign would ultimately benefit the economy in the long term. However, he expressed his doubts about some banks’ commitment to the success of the policy, calling them inefficient and only concerned with themselves.
President Buhari acknowledged the difficulties faced by businesses and citizens due to the cash shortage and assured that the remaining seven days of the ten-day extension would be used to address any obstacles to the successful implementation of the policy. He indicated that he would revert to the Central Bank of Nigeria and the minting company for a decision.
The governors informed the President that while they supported the decision to redesign the currency, its execution had not been successful and was causing frustration among their constituents.