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‘I am deeply pained’ — Buhari blames ‘unscrupulous’ bank officials for naira scarcity

‘I am deeply pained’ — Buhari blames ‘unscrupulous’ bank officials for naira scarcity
February 16
07:43 2023

President Muhammadu Buhari says “unscrupulous” bank officials are “sabotaging” the implementation of the naira redesign policy. 

Buhari spoke in a televised address on Thursday.

TheCable had reported how anti-graft agencies, including the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) arrested bank officials for allegedly hoarding the new naira notes resulting in cash scarcity.

While stressing that he is “deeply pained” by the hardship caused by the policy,  the President said he has directed the Central Bank of Nigeria (CBN) to collaborate with security agencies to ensure that those “sabotaging” the implementation of the monetary policy are “made to bear the full weight of the law”.


“I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes,” Buhari said.

“To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy;  enjoy easy access to cash withdrawal through the availability of the appropriate amounts of currency; and ability to make deposits.

“I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”


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