Allow Old and New Notes to Exist Side by Side for a Year, Tinubu Tells CBN

Additionally, he suggested that associated fees for bank transfers and online transactions be immediately suspended.

Bola Tinubu, the All Progressives Congress (APC) candidate for president, has requested the Central Bank of Nigeria (CBN) to permit the coexistence of the old and new N200, N500, and N1,000 notes as legal money for the ensuing 12 months.

The APC presidential candidate further requested that all fees for internet transactions and bank transfers be suspended until the current issue is handled.

This was stated by Tinubu in a statement provided to Channels Television on Sunday by Festus Keyamo, one of his campaign spokesmen.

Tinubu stated, “For the record, I, Senator Kashim Shettima, my running mate, and our campaign council have nothing against the CBN Naira redesign and cashless policy in principle. We are solely concerned about the disruption caused by its implementation, the misery it has caused for the majority of our people who are currently unable to access their hard-earned money to fulfil responsibilities, and the subsequent effects on the informal sector, where the majority of people work.

He stated: “We encourage the Central Bank to take the following into consideration in order to provide our people with urgent relief:

“The CBN should announce that the old and new Naira notes (especially the non-withdrawn notes and coins) will co-exist as legal tender for the following 12 months in order to follow examples of nations that have successfully implemented similar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

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“This will immediately ease the nation’s mounting strain, stop the public from reacting in a panic, and give time to fix infrastructure gaps surrounding cash alternatives.

“Until the current problem is fully handled, we urge the immediate suspension of associated fees on online transactions, bank transfers, and POS payments.

To encourage the anticipated switch to alternative transaction channels, both for the public who uses financial services and for those in charge of carrying out the scale-up programme, the CBN should view this expenditure as a roll-out expense.

The former governor of Lagos State also urged the CBN to rally all money deposit banks and payment processors to demonstrate a firm commitment to and a schedule for enhancing their infrastructure and support services.

On January 25, 2023, Tinubu held a rally at the MKO Abiola Stadium in Abeokuta, the capital of Ogun State, and claimed that some people were trying to sabotage his chances in the election on February 25, 2023 by taking advantage of the country’s fuel shortage and the redesign of the three naira notes.

“Let fuel be expensive; only they are aware of their storage facilities. Keep the naira and gasoline flowing; we will vote and win. Naira banknotes’ ink can be changed. You won’t get what you’re hoping for. In Yoruba, Tinubu had declared, “We will triumph.

Responses to Tinubu’s remarks came from a variety of sources, including his party, the APC, and the main opposition People’s Democratic Party (PDP).

The CBN later extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 in response to the outcry from many Nigerians, but the Supreme Court ruled that the Federal Government, the CBN, and commercial banks must not continue with the deadline pending the outcome of a notice regarding the issue on February 15.

Over the deadline for three outdated naira notes, at least five states have filed lawsuits against the federal government.