In a statement on Sunday, the former Lagos State governor said it was important for the apex bank to restore hope in the country by implementing workable steps to ease the accompanied woes of the policy.
The APC presidential flag bearer, who suggested six ways the CBN could adopt to douse the tension, said it was important for the apex bank to work on a template that could ease the pain being experienced by Nigerians.
To bring immediate relief to Nigerians, Tinubu urged the CBN to consider the following measures:
1. Following the advice of the Council of State, the CBN should announce that the old and new naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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 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.
