News - North Central - FCT Updated: February 03, 2023

Naira Scarcity: Buhari Asks For Seven Days To Make Final Decision

By Maureen Okpe
February 03, 2023
President Muhammadu Buhari

President Muhammadu Buhari has asked citizens for seven days to resolve and make a final decision on the cash crunch that has become a problem across the country due to the Central Bank of Nigeria's policy to change naira notes with new ones.

While speaking on Friday to the Progressive Governors’ Forum which paid him a visit at the Presidential Villa to seek solutions to the issues of new naira notes, Buhari said the currency redesign would give a boost to the economy and provide long-term benefits.

He expressed doubts about the commitment of banks in particular to the success of the policy.

“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 he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension would be used to crack down on whatever stood in the way of successful implementation.

“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 was quoted to have said in a statement released by his spokesman, Garba Shehu.

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Maureen Okpe

Maureen is a media practitioner and an impeccable writer with close to 4 years active experience wor...

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