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Allow old, new notes co-exist for 12 months and stop transaction charges – Tinubu tells CBN

Allow old, new notes co-exist for 12 months and stop transaction charges Tinubu

The All Progressives Congress (APC) presidential candidate, Bola Tinubu, has called on the Central Bank of Nigeria (CBN) to take action in response to the ongoing crisis caused by the recent implementation of its Naira redesign and cashless policy.

Tinubu has asked the CBN to allow both old and new ₦200, ₦500, and ₦1,000 notes to co-exist as legal tenders for the next 12 months, in order to alleviate the growing tension and panic among the general public. He has also requested the immediate suspension of all charges associated with online transactions and bank transfers until the crisis is fully resolved.

Tinubu made this request through a statement released by one of his campaign spokesmen, Festus Keyamo, on Sunday. In this statement, Tinubu emphasized that he and his running mate, Senator Kassim Shettima, do not have any objections to the CBN’s redesign of the Naira and its push for a cashless society, but are concerned about its disruptive implementation and the hardship it has brought on the general public, particularly those in the informal sector who operate mostly in cash.

To provide immediate relief to citizens, Tinubu recommends that the CBN follow the Council of States’ advice and allow old and new notes to co-exist as legal tender for the next 12 months. This would eliminate the growing tension in the country and allow time to improve infrastructural gaps around alternative payment options. By doing so, Tinubu believes that the public would have time to adjust to the new changes and become more familiar with alternative payment methods.

Additionally, Tinubu suggests the suspension of all charges associated with online transactions and bank transfers, including those made via point-of-sale terminals, until the crisis is fully resolved.

He believes that the CBN should consider this cost as a roll-out expense to incentivize the shift towards alternative payment methods, not just for the financial services consuming public, but also for those in charge of implementing the scale-up program.

inubu’s request to the CBN is aimed at providing immediate relief to the general public and addressing the concerns raised by the recent implementation of the Naira redesign and cashless policy.

He believes that allowing old and new notes to co-exist and suspending transaction fees for online and non-cash transactions will help reduce the tension and panic among the public, and allow for a smooth transition towards a cashless society.

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