All Progressive Congress (APC) Governors have made a plea to President Muhammadu Buhari to allow the co-circulation of both old and new Naira notes in order to alleviate the difficulties faced by Nigerians.
The request was made during a meeting between the APC Governors and the President at the State House in Abuja on Friday.
Governor Abdullahi Ganduje of Kano State revealed that the President had promised to review the situation.
The Governors informed the President that while they support his decision to renew the currency, its implementation has caused difficulties for the people.
They expressed their concerns about a potential economic slowdown and upcoming elections, and asked the President to use his power to permit the co-circulation of both old and new notes until the end of the year.
The President explained that when he approved the policy, the Central Bank of Nigeria (CBN) had given him assurance that they had the capacity, manpower, and equipment to print enough currency for local needs and that no new notes would be printed abroad.
He stated that he needed to investigate the situation further and that he was aware of the cries of the people and would act to find a solution.
The meeting was attended by Governors from states including Lagos, Kaduna, Kano, Imo, Kwara, and Niger, among others.
In the past few years, Nigeria has undergone several changes in its currency, with the most recent being the renewal of the Naira notes.
The idea behind this renewal was to enhance the security features of the currency and prevent counterfeiting. The President approved the policy with the assurance from the CBN that they had the necessary resources to print enough currency for local needs and that no new notes would be printed abroad.
However, the implementation of this policy has caused difficulties for the people. The co-circulation of both old and new notes was not allowed, causing confusion and inconvenience for the public. Businesses and individuals were faced with the challenge of exchanging their old notes for the new ones, leading to long lines and waitings at banks.
This has had a significant impact on the economy, with people losing confidence in the country’s financial system. The fear of devaluation and inflation has caused many to hoard their money, further reducing the circulation of currency in the economy. This has resulted in a slowdown in economic activity and reduced consumer spending, which can have long-term effects on the economy.
The upcoming elections have further added to the concerns of the APC Governors. With political tensions high, the last thing the country needs is an economic slowdown. The Governors have expressed their worries about the impact this could have on the elections and asked the President to act quickly to alleviate the difficulties faced by the people.
The President has acknowledged the situation and promised to review it, in order to find a solution that will benefit the people. He has stated that he is aware of the cries of the people and that he will act to find a solution. It is hoped that the President will take the necessary steps to allow the co-circulation of both old and new Naira notes, which will help to ease the difficulties faced by the people and restore confidence in the country’s financial system.
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Source: MandyNews.com
