By Promise Eze
The All Progressives Congress presidential candidate, Bola Tinubu, has suggested six ways the Central Bank of Nigeria can bring succour to Nigeria over the naira redesign policy.
The veteran politician also called for the immediate suspension of associated charges on online transactions and bank transfers and payments via Point of Sales (POS) until the full resolution of the prevailing crisis.
He said this in a statement titled: “Let us make the best of this moment”.
Tinubu also enjoined the CBN to mobilise all banks payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.
The presidential candidate noted that the past few weeks have been challenging to Nigerians, especially Small and Medium Enterprises (SME), poor and vulnerable masses and those whose very survival depended on daily cash transactions.
To bring immediate relief to Nigerians, Tinubu urged the CBN to consider the following:
1. The CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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 (NOA) and Ministry of Information, states and local government areas, 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.
“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.
“Our task now is to restore hope in the country by implementing these steps to energise our people that we can do big things for a better future and shared prosperity. We can build upon this citizen-focused policy challenge to offer a template on how governance should work for the people,” he added.
