…suggests suspension of POS charges, others


Adebayo Adenrele




As part of the measures to ameliorate the hardships of the Naira swap in the country, the presidential standard-bearer of All Progressive Congress, APC, Asiwaju Bola Ahmed Tinubu has called on the Central Bank of Nigeria to extend the deadline of naira notes swap by 12 months.

Tinubu, in a statement to resonate the meeting of the National Council of State urging the CBN to push more new Naira notes into circulation, also backed the CBN for redesign of the currency, while also appealing to leverage its implementation for the betterment of the Citizens who can’t access their hard-earned money to meet obligations and the attendant consequences on the informal sector.

The Presidential Candidate equally moved a motion to suspend the associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved.

The statement read in part, “Following the advice of the Council of States, the CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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.

“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.

“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.

“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.”