Bola Tinubu, the APC presidential candidate, has given the Central Bank of Nigeria advice on how to help Nigeria with the naira redesign program as stated by Entrepreneurng report.
In a statement released on Sunday, the former governor of Lagos State emphasized the need for the central bank to revive national optimism by putting practical measures in place to alleviate the problems brought on by the policy.
The CBN should develop a model that could lessen the suffering being felt by Nigerians, according to the APC presidential candidate, who offered six measures the central bank could employ to defuse the situation.
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Tinubu urged the CBN to take the following actions to provide immediate relief to Nigerians:
1. The CBN should follow the Council of State’s recommendation and declare that the old and new naira notes, particularly the ones that haven’t been withdrawn, will co-exist as legal tender for the upcoming 12 months to learn from other nations that have successfully implemented a similar monetary policy.
This will stop the nation’s mounting anxiety in its tracks, stop the public from reacting in a panic, and give time to fill infrastructure gaps surrounding currency alternatives.
2. Until the current crisis is fully resolved, we advise the immediate suspension of associated fees for online transactions, bank transfers, and POS payments.
The CBN should classify this expense as a roll-out expense to reward both the public who uses financial services and those in charge of carrying out the scale-up program for the anticipated shift to alternative transaction channels.
3. Encourage all banks that accept deposits of money as well as payment platforms to demonstrate a clear timeline for infrastructure and support service expansion.
4. Incorporate Fintech firms with currency swap capabilities into the program for the following 90 days to help relieve the long lines at ATMs and in banking halls.
5. The Central Bank and other pertinent MDAs should establish an Inter-Agency Action Committee to oversee the Nigerian Security and Minting Company’s cash supply gaps immediately and address concerns about their capacity and turnaround time for addressing the needs of the unbanked and informal sector.
6. To help our people better understand and adopt the new naira and cashless policy, the CBN, National Orientation Agency, Ministry of Information, State and Local Governments, and their relevant organs in the public and private sectors should launch a significant public awareness and sensitization campaign.
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Conclusion
In my opinion, these six ruled-out rules should be implemented with immediate effect. It will ease the burden of so many Nigerians who are on the verge of attempting suicide and lessen so many griefed individuals with lost hope of meeting their daily needs just because of the new naira redesign policy.
