Nigeria In Suspense Over Naira As Tinubu Proffers Solution

Nigeria has been put in suspense on the fate of its national currency, the naira ahead of the expected meeting of the top management team of the Central Bank of Nigeria, CBN with Asiwaju Bola Tinubu proffering his solution.

GWG.ng reports that ahead of the Supreme Court hearing on the suit instituted by some state governors to extend the use of the old naira notes on Wednesday, January 15, 2023 that the management of the CBN is expected to meet on Monday to review the developments.

The options for the bank include flooding the banks with more new naira notes or to recirculate the old notes.

Meanwhile, the presidential Candidate of the ruling All Progressives Congress APC, Asiwaju Bola Tinubu has listed six ways through which the Central Bank of Nigeria CBN can end the current hardship in the country caused by the scarcity of newly redesigned Naira notes.

In a statement he personally signed and issued Sunday in Abuja, Tinubu declared that he and his running mate, Kashim Shettima have nothing against the CBN cashless policy and Naira redesign but that he is only concerned about the disruptive implementation of the policy.

To bring immediate relief to Nigerians, Tinubu urged the CBN to consider the following the advice of the Council of States, and immediately announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the next 12 months to follow examples of countries that have successfully implemented similar monetary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”, he stated.

The APC standard bearer also advised the immediate suspension of associated charges on online transactions and bank transfers and payments via POS until the current crisis is fully resolved.

According to him, 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.

Other quick-win solutions that Tinubu proffered include; “Mobilise all Money Deposit Banks, Payment platforms to show clear commitment and timelines on expanding their infrastructure and support services.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG