Dr Aliyu Usman Tilde, the erstwhile commissioner for Education in Bauchi State, has pleaded with President Muhammadu Buhari to direct Central Bank of Nigeria CBN to bridge the gap in cash supply by returning old naira notes into circulation to normalise supply and frustrate its hoarding by bank managers.
Tilde stated this on his Facebook handle following the suspension of the February 10 deadline by supreme court on the use of old notes on Wednesday.
WikkiTimes had earlier reported that the apex court restrained the federal government from banning the use of the old naira notes from February 10, following an ex parte application brought by governors of Kaduna, Kogi and Zamfara states.
He said the court ruling is not enough to ease the hardship experienced by Nigerians as virtually all the old notes are in the CBN’s custody, stressing that additional measures become necessary and should be immediate.
The former commissioner suggested that Buhari should direct CBN to also print sufficient new notes as the N300 billion new notes printed are not enough.
“Print sufficient new notes. As seen now, even without hoarding and diversion, the volume of cash used in essential, non-formal transactions was underestimated,” the wrote. “Clearly, the N300bn new notes printed are not enough. With more printed and circulated over time the old ones can be withdrawn gradually and painlessly.”
Tilde also called on the president to direct for upgrading of internet banking platforms to become very effective, lamenting that it is clear that commercial banks and the CBN have not developed their software on internet banking platforms to the levels of containing the millions of transactions that the cashless policy portends daily.
He added: “CBN should push for sufficient upgrading of the facilities immediately. This will greatly reduce the pressure of cash, allowing Nigerians to adapt to cashless transactions easily and shortly.
“Rural LGAs that do not have sufficient banking facilities should be given consideration different from urban areas. Though cash makes their people vulnerable to kidnapping and robbery, a way out for their banking requirements must be invented and implemented well through until they catch up with the urban areas.
“Shift deadline indefinitely. Time creates pressure. Pressure creates panic. Panic creates chaos. Suspend the idea of any deadline now until the above three conditions are met. Then a reasonable deadline can be set without any pressure, panic or chaos.”
He, however, extolled President Buhari for introducing the cashless policy, stating it will become a reality within a short time if the right steps are taken.
Tilde resigned from his position in the Bauchi State Executive Council under the Peoples’ Democratic Party (PDP) on December 5, 2022. Shortly after relinquishing the seat, he stated reasons why he would vote for the All Progressive Congress (APC) presidential candidate, Bola Ahmed Tinubu.