Governors Beg Buhari To Allow New, Old Naira Notes to Co-exist

Members of the Progressives Governors’ Forum on Friday begged President Muhammadu Buhari to tell the Central Bank of Nigeria to allow the old and new naira notes to co-exist.

According to the APC govs, this would ease the current scarcity of naira notes and its struggle.

Governor of Kaduna State, Nasir El-Rufai spoke to journalists in Hausa shortly after governors elected on the All Progressives Congress ticket met the President at the State House, Abuja.

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El-Rufai argued that the move had become necessary as the CBN mopped up over two trillion naira (N2tn) of the old notes but only printed N300bn of the new ones.

According to him, the new notes in circulation are insufficient for Nigerians.

The former FCT minister said the CBN’s cashless policy should have been preceded by the printing of at least half of the amount mopped up, one trillion naira.

After the appeal to the President to consider their request, El-Rufai stated that Buhari in his response did not reply with a “yes” or “no.”

However, the Chairman of the Progressive Governors Forum, Abubakar Bagudu, was meeting the President behind closed doors hoping to get a definite response.

Buhari Demands 7 Days To Decide On New Naira Notes

Meanwhile, President Muhammadu Buhari has urged citizens to give him seven days to resolve the issue of scarcity of new naira notes plaguing Nigerians.

According to Buhari, the currency re-design will give a boost to the economy and provide long-term benefits.

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

“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.”

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 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.