President Muhammadu Buhari has asked Nigerians to give him one week to resolve the naira scarcity issue in the country.
A statement by his media aide, Garba Shehu, released after Buhari met with APC governors, said the President has seen reports about cash shortages and the effect on local businesses and ordinary people.
It stated that the President will revert to the CBN and the Minting Company and a decision will be taken.
The statement further reads “The Governors told the President that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.
“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 President said when he considered giving the approval to the policy, he demanded an undertaking from the CBN that no new notes will 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.
“President Buhari told the Governors that, being closer to the people, he had heard their cries and will act in a way that there will be a solution.”
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