The poor and vulnerable masses, whose very survival depended on daily cash transactions, have suffered since the CBN implemented the cashless policy.
While Nigerians are groaning, as a result of the fiscal policy, the presidential candidate of the All Progressives Congress (APC) Bola Ahmed Tinubu, thinks it is disruptive.
Indeed, there is so much trouble trying to get physical naira to spend in Nigeria.
Tinubu thinks it is causing Nigerians so much ‘suffering and hardship since its implementation.
This, he said, was true because most Nigerians could not access their hard-earned money and could not meet obligations.
He noted that the past few weeks had been challenging for Nigerians, especially small and medium enterprises (SMEs).
“They have felt the brunt of the combined problems of scarcity of fuel and new naira notes.
Nothing Against The CBN
“We feel the pain 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 the hinterlands who have been forced to sell their produce at much lower prices so they don’t lose out completely.
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“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.
‘Immediate Relief’
“We are only concerned about its disruptive implementation and the hardship it brought on the generality of Nigerians, who could not access their hard-earned money and could not meet obligations.
“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 stated.
To bring immediate relief to Nigerians, Tinubu urged the CBN to announce that the old and new naira notes would co-exist as legal tender for the next 12 months.
He stated this would 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, 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.”
Also, the former Lagos State governor wants the CBN to mobilise all money deposit banks and payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.
Tinubu proposed bringing in fintechs with currency swap capabilities for the next 90 days to help decongest banking halls and ATM points where people had been queuing for hours.
He advised the CBN and other relevant ministries, departments, and agencies to form an inter-agency action committee for immediate oversight over the cash supply gaps from the Nigerian Security and Minting Company.
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