TheCable

President Muhammadu Buhari has asked Nigerians to give him seven days to resolve the crisis caused by the scarcity of new naira notes.

The president said he has seen reports about cash shortages and the effect on local businesses and ordinary people.

He said the remaining seven days of the 10-day extension will be used to crack down on the encumbrances mitigating the successful implementation of the currency redesign 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 said on Friday.

His position was made known after meeting with governors of the All Progressives Congress (APC).

The president said the currency redesign was aimed at giving a boost to the economy and providing long-term benefits.

He expressed doubts about the commitment of banks to the success of the policy, describing them as “inefficient”.

“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 said.

The president said the APC governors agreed that his decision on the redesign of the currency was good — but noted that its execution had been botched and their constituents were becoming increasingly upset.

Following their meeting with the president, the governors said they requested that the old and new notes should be allowed to co-exist.