Bola Tinubu, the All Progressives Congress (APC) candidate for president, stated Wednesday that, in contrast to rumors, he was neither against the CBN’s plan to redesign the naira or the movement toward a cashless society. According to Tinubu, he only opposes the disruptive implementation of the policy.
But Peoples Democratic Party (PDP) called on leaders of the APC, including Tinubu as well as APC state governors, to immediately release billions of new naira notes allegedly in their custody in order to halt the anguish being experienced by Nigerians.
Following the advice of the Council of States, Tinubu urged the federal government and the CBN to announce that the old and new naira notes, especially the non-withdrawn notes and coins, should co-exist as legal tender for the next 12 months, to follow examples of countries that successfully implemented similar monetary policies, to ease tension in the country.
Tinubu, in a statement he personally signed yesterday, stated that the past few weeks had been challenging for Nigerians, especially small and medium scale enterprises (SMEs), the poor and vulnerable masses and those whose survival depended on daily cash transactions, saying they have felt the brunt of the combined problems of scarcity of fuel and scarcity of the new naira notes.
The former governor of Lagos State said he felt the pains of market women and artisans who had experienced low sales because customers did not have cash to make purchases.
He added, “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.”
The APC presidential candidate said while the scarcity arising from the supply limitations of the new naira notes was still on, he was encouraged about reports that the fuel queues across the country were easing out as a result of better supply to fuel stations.
Tinubu pointed out that the country was 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 could move on unimpeded and normalcy could return to the financial services sector and overall productivity of the nation.
He said, “For the record, 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 the majority operate.
“Despite the challenges and current difficulties, we are a country of resilient, bold and courageous people who don’t succumb to hard times. We have always overcome our most difficult times and come out better as a people and a nation. This time will not be different. We will make lemonade out of our current lemons.”
Tinubu also aligned himself with the advice of the Council of State as a necessary starting point to begin redressing the unintended consequences of what would have otherwise been a good policy that required mainstream adoption.
Tinubu added, “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.
“Mobilise 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.”
Tinubu further called on the CBN and other relevant MDAs to 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 turnaround time to meet the needs of the informal sector and unbanked people.
He said the CBN, the 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 the people on the new naira and cashless policy for better understanding and mainstream adoption.
“As leaders, our commitment to our country everyday must be on how to make life better for our people and we are called upon not to waste the opportunity the moment presents to us to ramp up capacity and capability to serve 200 million Nigerians, leaving no one behind and ultimately improve the living conditions of every single Nigerian.”