However, he urged the CBN to heed concerns raised by the Special Ad-hoc Committee on the Cashless Policy and Naira Swap in the lower chamber of the national assembly.
According to a statement signed by his Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari said this when he received a briefing from members of the House of Representatives Committee.
The statement is titled ‘Security, corruption at a stake with new cash policy says President Buhari.’
Buhari’s comments followed assurances by the CBN Governor, Godwin Emefiele, that the N200 currency notes taken out of circulation will be moved back from Thursday.
He told the lawmakers that his speech earlier in the day was comprehensive enough and was adequate in response to the general outcry about the challenges associated with the currency exchange.
Buhari described the policy’s aim as “very good, security-wise,” as seen from the lessening of kidnappings and associated corrupt practices.
Again, he accused banks of being a challenge to smooth implementation.
On his part, Emefiele said that by the end of February, the CBN would circulate between N700-N800bn, which he said is enough to run the economy.
However, it will be impossible to pump back more than N3tn as that would undermine the economy’s health.
The CBN Chief said he had deployed senior officers, complemented by “Super agents,” to take new currencies to unbanked rural populations.
He also revealed that he had met 15 top banks earlier in the day as part of efforts to resolve the prevailing challenges and will continue deliberations on Thursday evening, saying, “we are at the end of the problem.”
“I have met with about 15 banks this morning, and we have given them a directive on the go to get all the old N200 available effective today. And I can assure Nigerians this will help reduce the pain.
“We keep saying this, there are some temporary pains, but I can assure Nigerians that the long-run benefit to Nigeria is overwhelming and we should just give it a chance to work,” he said.
Emefiele promised that the Bank would not impede the elections and they would hold successfully as far as the Bank is concerned.
The leader of the Parliamentary delegation, Alhassan Doguwa, who is also the House Majority Leader and Chairman of the Ad-Hoc Committee, said the meeting with the President was necessary to inform him about the “problems of implementation and unintended consequences” of the new cash policy.
He affirmed that the Legislature and the Government were on the same page with regard to the policy goals.
However, more must be done to lighten the “hardship and inconveniences” that have trailed the policy.
