Buhari Calms Nigerians Concerning Naira Notes Scarcity In The Country

The continued scarcity of Naira notes and petrol in Africa’s most populous nation is crippling several businesses, especially in the informal sector.

Analysts are estimating a 20 percent drop in sales for consumer goods and 30 percent for cement manufacturers as the shortage of fuel and new notes worsens.

President Muhammadu Buhari however on Friday took to his Twitter handle to calm Nigerians about the current situation. I’m his tweets, he wrote ” I am aware of the cash shortages and hardship being faced by people and businesses, on account of the Naira redesign. I want to assure that we are doing everything to resolve these issues. Nigerians should expect significant improvements between now and the February 10 deadline.

” I met with a delegation of Governors today, on the matter. All the complaints about the execution of the currency change are being seriously looked into. I will ensure that everything is resolved in a lasting manner, and we will all enjoy the long-term benefits of the decision”he concluded.

Apart from the impact on investments, analysts say that the naira notes and petrol crisis could affect the projected easing of the country’s inflation rate.