The President, Major General Muhammadu Buhari (retd.), has met with the Governor of the Central Bank of Nigeria, Godwin Emefiele at the Presidential Villa Abuja, on Monday.
The CBN governor saw the President in closed doors for the umpteenth time since the naira crisis escalated across the country.
The new policy is already creating friction in the ruling party. The flagbearer of the party, Bola Ahmed Tinubu yesterday wrote an open letter to the CBN Governor on the way forward.
In the letter Tinubu advised that both the old and new naira notes should remain legal tender for a year; CBN should remove all charges on online transactions, among others.
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“The past few weeks have been a challenging one for Nigerians especially our SME’s, poor and vulnerable masses and those whose very survival depend on daily cash transactions. They have felt the brunt of the combined problems of scarcity of fuel and new Naira notes.
“We feel the pains of our market women and artisans who have experienced low sales because customers do not have cash to make purchases. We hear the loud cries of farmers in rural areas and hinterlands who have been forced to sell their produce at much lower prices so they don’t lose out completely. We-hear every Nigerian dealing with the consequences of the roll-out of the cash swap programme.
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“While the scarcity arising from the supply limitations of the new naira notes is still with us, we are encouraged about reports that the fuel queues across the country are easing out as a result of better supply to fuel stations. We are now confronted with how to bring quick, sustainable solution, and relief to Nigerians on the challenges still posed by the non availability of new Naira notes, so that social and economic activities can move on unimpeded and normalcy can immediately return to our financial services sector and overall productivity of our nation.”
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