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Sunday, May 26, 2024

Shortage of new naira notes: Buhari heaps blame on banks

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President Muhammadu Buhari, has slammed commercial banks over shortage of new Naira notes.
Herald Reporters had reported that the governors under the aegis of the All Progressive Congress (APC) had visited the President, on Friday in Abuja to relate the plight of Nigerians concerning the lingering Naira shortage.
The president expressed doubts about the commitment of banks, in particular, to the success of the new naira policy.
According to him, “Inefficient banks are making the policy unnecessarily difficult through “selfishness and greed.
“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.”
The President said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and promised 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 assured.
The governors told the President that, although they supported his decision to renew the naira, its execution had been botched and their constituents were becoming increasingly upset.
They said as leaders of the government and party in their respective states, they were becoming anxious about a slump in the economy and the series of elections that were coming.
Therefore, they requested the President to prevail on the CBN to allow the concurrent circulation of the new and old notes till the end of 2023.
Buhari revealed that when he considered approving the policy, he demanded an undertaking from the CBN that no new notes would be printed in a foreign country and they, in turn, assured him that there was enough capacity, manpower and equipment to print the currency for local needs.
He said he must go back to find out what was actually happening.
The President also told the governors that being closer to the people, he had heard their cries and will resolve the challenges.

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