Tinubu to Cbn: Allow Old, New Naira Notes Co-exist Till 2024

PDP to APC Leaders: Stop Punishing Nigerians By Hoarding Notes

Adedayo Akinwale in Abuja

The presidential candidate of All Progressives Congress (APC), Bola Tinubu, yesterday, said he was not against the decision of the Central Bank of Nigeria (CBN) to redesign the naira and the drive towards a cashless economy, contrary to insinuations. Tinubu said he was only against 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Tinubu urged the federal government and the CBN to announce that the old and new naira notes, especially the non-withdrawn notes and coins, should co-exist as legal tender for the next 12 months, to follow examples of countries that successfully implemented similar monetary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.”

PDP: Tinubu, APC Leaders Should Stop Punishing Nigerians by Hoarding New Naira Notes

PDP called on leaders of APC, Tinubu, and APC state governors to immediately release billions of new naira notes allegedly in their custody and halt the anguish being experienced by Nigerians.
National Publicity Secretary of PDP, Debo Ologunagba, in a statement yesterday, said it was instructive to state that the controversial naira redesign and swap policies were programmes of the APC administration, which was also completely in control of the production and circulation of the new notes.
He noted that the APC leaders, having realised that they could not win in the 2023 general election, sabotaged the system and diverted the new Naira notes so as to create widespread social unrest to justify their plan to derail the elections and truncate the nation’s democracy.

Ologunagba noted that it was wicked and unpardonable that the same band of deceptive, sneaky and hypocritical APC leaders allegedly involved in intercepting and hoarding of new naira notes were going about trying to hoodwink Nigerians by posturing as though they were concerned about their plight.
He said, “Our party has been informed by some well-meaning APC members on how six APC state governors led by a particular infamous governor of a prominent state in the North-west region are coordinating the hoarding of new naira notes for the vote buying scheme of the APC ahead of the February 25, 2023 presidential election.

“The PDP has also been made aware of how APC governors are allegedly warehousing the new naira notes in facilities owned by APC interests in Lagos, Kano, Kogi, Kaduna, Imo and other parts of the country for the purpose of vote buying for Senator Tinubu in the presidential election.”
Ologunagba said Nigerians could recall that the APC was recently busted in the process of allegedly swapping the sum of N22.5 billion in old N1000 notes for new ones in Kano State for vote buying, in a deal wherein a substantial part of the old notes was allegedly conveyed to Lagos State for secret swapping with new notes.

He noted that it was, therefore, callous for APC leaders to continue to watch Nigerians spend nights at ATM stands, fight one another in bank halls and ATM centres for cash, with millions stranded without money to take care of their daily needs.
The main opposition party called on Nigerians to hold the APC and its leaders directly responsible for the pain, economic hardship, social dislocation and psychological distress they were going through on account of APC induced cash scarcity in the country.

According to Ologunagba, APC has again demonstrated that it is a party of very cruel, insensitive and self-centred politicians who delight in inflicting pain, anguish and life-discounting situations on citizens in the last seven and a half years of the APC administration.
PDP urged Nigerians not to allow the deception, lies and shenanigans of APC to detract from their collective resolve to end the era of misery in the country by voting Atiku Abubakar as the next president of Nigeria so that he could commence the onerous task of rebuilding the country from the abysmal misrule of APC.