THE presidential candidate of the All Progressives Congress (APC), Bola Tinubu, has suggested measures the Central Bank of Nigeria (CBN) should take to end the crisis trailing the scarcity of new naira notes.
In a statement he signed on Sunday, February 12, Tinubu said he was not opposed to the currency swap, but to the pains it brought to Nigerians.
He commended the National Council of State, which recommended on Friday, February 10, that the CBN print more notes or redistribute the old notes in its coffers.
Tinubu, a former Lagos State governor, rued the agonies Nigerians have faced since the use of the new naira notes took effect on December 15, 2022.
He expressed delight that the petrol motor spirit (PMS) is becoming more available at fuel stations.
The ICIR reports that fuel and currency scarcity have led to protests in some parts of the country in the past few days and threatened the 2023 general elections, which begin on February 25 with the presidential and National Assembly elections.
While many Nigerians have said the currency swap is ill-timed, others believe making the old notes cease from being legal tender will prevent persons who have kept large funds in vaults for vote buying from using them.
“For the records, 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,” Tinubu said.
The ICIR reports that Tinubu had said the currency swap and fuel scarcity were targeted at him to make him fail the election.
In his Sunday statement, he recommended the following for the CBN to alleviate the currency crisis.
- 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the advice of the Council of States, the CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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.
- 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 the 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.
Marcus bears the light, and he beams it everywhere. He's a good governance and decent society advocate. He's The ICIR Reporter of the Year 2022 and has been the organisation's News Editor since September 2023. Contact him via email @ mfatunmole@icirnigeria.org