Tinubu counsels CBN to allow co-existence of old and new Naira notes for 12 months

The All Progressives Congress (APC) presidential candidate, Bola Ahmed Tinubu, on Sunday urged the Central Bank of Nigeria (CBN) to allow the old and new naira notes to co-exist as legal tenders for the next 12 months.

In a statement issued by the spokesman of the APC presidential campaign council, Festus Keyamo, the former Lagos State governor also charged the apex bank to encourage all commercial banks and payment platforms in the country to expand their infrastructure and support services.

The APC candidate is one of the major critics of the naira redesign initiated by the CBN.

Tinubu, who addressed the APC supporters in Abeokuta, Ogun State, last month, claimed the naira redesign and fuel scarcity were designed by saboteurs to frustrate his presidential aspiration.

However, in the latest statement, he appealed to CBN to suspend all charges associated with online transactions and bank transfers till the challenges created by the scarcity of the naira notes are effectively resolved.

READ ALSO: Supreme Court’s ruling on naira swap saved Nigeria from anarchy — Tinubu

The moves, according to him, will bring relief to Nigerians who continue to keep vigil in banks and Automated Teller Machines (ATMs) points in a bid to withdraw cash for daily needs.

He said: “For the records, 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.

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the advice of the Council of States, the CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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

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