By Omobolanle Shosanya
Asiwaju Bola Ahmed Tinubu, presidential candidate of All Progressives Congress (APC) has implored the Central Bank of Nigeria (CBN) to allow the old and new naira notes to co-exist as legal tender for one year.
He said the step will be in line with practices elsewhere where such policy is successfully implemented seamlessly,adding that the development will “remove growing tension in the country, eliminate panic reactions by the populace and allow time to scale up infrastructural gaps around alternative payment options to cash”.
According to him, his campaign has no problem with CBN’s Naira redesign and cashless policy but is concerned about the hardship it inflected on Nigerians
He said: “I and my running mate, Senator Kashim Shettima and our campaign council do not have anything against the CBN Naira redesign and cashless policy in principle. We are,however, only concerned about its disruptive implementation and the hardship it has brought on the generality of our people who currently can’t access their hard-earned money to meet obligations and the attendant consequences on the informal sector, where majority operate”.
He described the past few weeks as harrowing for most Nigerians,saying:” I have felt the brunt of the combined problems of scarcity of fuel and new Naira notes”, the APC presidential candidate urged the CBN to consider the following:
“We advise the immediate suspension of associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved. This cost should be considered a roll-out expense by the CBN to incentivise the envisaged shift to alternative transaction channels; for both the financial services consuming public and those in charge of implementing the scale-up programme.
“Mobilize all Money Deposit Banks, Payment platforms to show clear commitment and timelines on expanding their infrastructure and support services. Bring in Fintech companies with capabilities into currency swap programme for the next 90 days to help decongest banking halls and ATM points where people line up for hours.
“The Central Bank and other relevant MDA’s should form an Inter-Agency Action Committee for immediate oversight over the cash supply gaps from the Nigerian Security and Minting Company and deal with issues around capabilities and turn around time to meet the needs of the informal sector and unbanked people.
“The CBN, National Orientation Agency and Ministry of Information, State and Local Governments with their relevant organs in both the public and private sectors should commence a major public enlightenment and sensitisation campaign to further educate and empower our people on the new naira and cashless policy for better understanding and mainstream adoption”.
He said that the goal of leaders should be how to make life less stressful for the majority of people, leaving no one behind
