Sandra Nwaokolo
Bola Tinubu, the All Progressives Congress (APC) presidential candidate, has recently provided a series of recommendations to the Central Bank of Nigeria (CBN) aimed at alleviating the difficulties faced by Nigerians about the country’s naira redesign policy.
In his statement on Sunday, the former Lagos State governor emphasized the importance of the apex bank in reinstating a sense of hope in the nation by adopting effective measures to tackle the associated challenges of the policy.
Tinubu, who put forth six practical ways in which the CBN could mitigate the public’s concerns, noted that the apex bank must create a framework that is capable of alleviating the suffering experienced by Nigerians.
Among the immediate remedies suggested by the APC presidential flag bearer were several measures that the CBN should consider implementing.
1. Following the advice of the Council of State, the CBN should announce that the old and new naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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, 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 the 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 for expanding their infrastructure and support services.
4. 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.
5. The Central Bank and other relevant MDAs 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.
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