President Muhammadu Buhari has urged citizens 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(CBN) to change high value Naira notes with new ones.

He spoke when the Progressive Governors Forum came to the Presidential Villa , Abuja to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy. The Governors urged President Muhammadu Buhari to allow both old and new notes to co-exist for more time.

In the last three days some prominent Nigerians had appealed to the President to look into the hardship being faced by Nigerians. They include the Minister of Works and Housing, Mr. Babatunde Fashola (SAN), Kaduna state governor,Mallam Nasir el-Rufai and the former Communication Minister, Alhaji Wahaab Shittu.

Those who attended today’s meeting include Kaduna State, Nasir El-Rufai; Kebbi State, Atiku Bagudu; Imo State, Hope Uzodimma; Zamfara State, Bello Matawale; Ebonyi State, Dave Umahi; Lagos State, Babajide Sanwo-Olu; Kano State, Abdullahi Ganduje; Ogun State, Dapo Abiodun; Yobe State, Mai Bala-Buni; Niger State, Sani Bello; and Kwara State, Abdulrahman Abdulrazaq.

It is also believed that the governments may have discussed recent political developments as it concerns the APC with the governors. The Governor of Kaduna State recently alleged that there were persons in the seat of government working against the candidate of the party, Asiwaju Bola Tinubu contrary to the President’s avowed support for the APC candidate. But, a statement after the meeting didn’t make reference to political discussions.

In a statement issued after the meeting and signed by Mallam Garba Shehu, Senior Special Assistant to the President on
Media and Publicity said the President noted that 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.

“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 stressed

The President told the worried governors that 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.

“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, 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.