…Calls On CBN To Allow Old-Naira Notes Co-Exist With New Series For Twelve Months
Sharing in the hardship of Nigerians as caused by the lingering fuel and new naira notes scarcity, the foremost presidential candidate in the country and National Leader of the ruling All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu has appealed to the consciousness of Nigerians to make the best of the situation.
Tinubu, in a press statement signed personally and made available to Theliberationnews acknowledged that the last few weeks have been characterised by harrowing experiences for Nigerians considering the fuel and naira scarcity-induced hardship, especially those whose livelihood depends on day-to-day cash transactions.
He also expressed his sympathy to business owners who have had to deal with low sales caused by the hasty decision of the Central Bank of Nigeria (CBN) to implement the naira redesign policy as he commended Nigerians in generality for their characteristic resilience assuring that this hard time too will pass.
“The past few weeks have been a challenging one for Nigerians, especially our SMEs, poor and vulnerable masses and those whose very survival depends 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.
“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 solutions, 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,” the statement read in part.
He went on to explain that he does not hold anything against the CBN for the naira redesign and cashless policy but 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.”
The foremost presidential candidate commended the National Council of State for its wisdom in tasking the CBN to ensure better circulation of the new naira and advised that the old notes should co-exist with it as he went on to advise the CBN that:
1. Following the advice of the Council of States, the CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary policy. This will immediately 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.
2. 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.
3. Mobilise all Money Deposit Banks, Payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.
4. 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.
5. 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.
6. 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.”
