Currency Crisis:  Buhari fingers banks, says they are selfish, greed, insensitive

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President Muhammadu Buhari Friday blamed commercial  banks for the ongoing crisis in the disbursement of the new naira notes in the country, accusing them of being insensitive, greed and selfish.

The President who spoke when the Progressive Governors Forum who came to the Presidential Villa to seek solutions to the cash crunch said he had seen television reports about cash shortages and hardship to local businesses and ordinary

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“Some banks are inefficient and only concerned about themselves”, said the President, “even if a year is added, problems associated with selfishness and greed won’t go away.”

 “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.

 He urged Nigerians  to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria to change high value Naira notes with new ones.

 Buhari said the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.

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 will be used to crackdown on whatever stood in the way of successful implementation.

The Governors  had 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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