February 16, (THEWILL) – President Muhammadu Buhari on Thursday, said the naira swap and cashless policy of the Central Bank of Nigeria (CBN), have short and long-term benefits for the country in dealing with insecurity and corruption.
The President’s remarks came as the Central Bank Governor, Godwin Emefiele, assured him that N200 currency notes taken out of circulation will immediately be recirculated into the financial system.
President Buhari spoke at the State House when he received briefings from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap.
He recalled that his State of the Nation address on Thursday morning, was comprehensive enough and adequate response to the general outcry about the problems associated with the redesigned naira notes.
President Buhari had described the new cash policy as “very good, security-wise”, adding that it has reduced incidents of kidnappings and associated corrupt practices.
He, however, accused commercial banks of hoarding the redesigned bank naira notes and frustrating the full implementation of the policy.
Noting the shortcomings in the implementation of the policy, President Buhari urged the apex bank to consider the recommendations of the parliamentary Committee, to rectify identified problems
A statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said as directed by President Buhari, the apex bank Governor, Godwin Emefiele, said “Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption.”
Emefiele said senior officers at the CBN had all been sent out, complimented by “Super agents,” to take new currencies to unbanked rural populations, expressing optimism that the problems he described as “temporary, passing” will be over soon.
The CBN boss also said he had met 15 top banks earlier in the day in an effort to resolve prevailing problems and will do so again later in the evening, assuring that “we are at the end of the problem.”
Emefiele promised that by the end of February, CBN will bring into circulation, between N700-N800 billion, well above what is needed to run the economy. He, however, emphasised the impossibility to put back more than three trillion Naira if the economy is to be healthy.
The apex bank chief assured that the CBN will give its support to ensure the success of the forthcoming elections.
On his part, leader of the Parliamentary delegation, who doubles as the House Majority Leader and Chairman of the Ad-Hoc Committee, Alhassan Ado Doguw, said the meeting with the President was to brief him on the “problems of implementation and unintended consequences” of the new cash policy.
In acknowledging the far-reaching quality of the President’s broadcast to the nation earlier today, the House Leader said the Legislature and the Government were on the same page so far as the goals of the policy were concerned.
He, however, said more needs to be done to remove the “hardship and inconveniences” that have attended its implementation.
