Naira crunch: Tinubu reveals why he understands difficulties caused by currency swap policy

Naira crunch: Tinubu reveals why he understands difficulties caused by currency swap policy

FCT, Abuja - The presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu, has said his background as a son of a market woman is what made him appreciate the unintended hardship caused by the ongoing naira swap policy.

PAY ATTENTION: See you at Media Literacy Webinar! Register for free now! reports that Tinubu, who had at different times expressed reservations about the implementation of the policy, said his cries were informed by his experience as someone who grew up in a market environment.

Bola Tinubu, APC, Cashless policy
Asiwaju Bola Tinubu has urged Nigerians not to despair over the scarcity of the Naira. Credit: Bola Tinubu
Source: UGC

He made this known speaking on Friday, February 18, at a town hall meeting with market leaders from around the country in Abuja, the APC presidential candidate said he was fed and trained by his late mother with money from trading, adding that he could identify with the pains and gains of traders.

Tinubu said he knew limiting the circulation of cash would have a devastating impact on the informal economy because of his knowledge of trading in Nigerian markets.

He expressed sympathy with petty traders and those dealing in perishable goods who, he said, are worst affected by the policy.

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Tinubu cited the example of a carrot seller he observed while on a recent campaign trip to Gombe who was standing under the son tending to his wares with no one to patronize him "because there was no currency".

Why traders must remain resolute

The APC presidential candidate urged the traders to remain resolute and not allow difficulties arising from the naira swap exercise to overwhelm them.

He said if elected into office his government would provide low-interest loans for traders and address their concerns in other areas of their businesses.

Assuring them he knows where it pinches them he said, "This man is from the market and is from the city."

Representatives of market leaders who addressed the participants spoke glowingly of the APC candidate who they described as one of them.

They promised to mobilize for the victory of Tinubu who, they said, is the best candidate on the ballot.

Tinubu was joined at the event by Governors Muhammad Badaru Abubakar (Jigawa) and Abubakar Sani Bello (Niger), Secretary of the APC Presidential Campaign Council, Hon. James Faleke, among other chieftains of the party.

Governor Abiodun issues threat to Mega-stores for rejecting old notes

Meanwhile, had previously reported that amid the cash crunch in Nigeria which has put Nigerians through many ordeals, the governor of Ogun state, Dapo Abiodun, threatened to punish mega-stores rejecting old naira notes from customers.

It was reported that in a tweet on Friday, February 17, Governor Abiodun vowed to revoke the Certificate of Occupancy (C of O) of any establishment that rejects old notes.

The position of the governor is coming amid the economic crisis caused by the cash crunch across states in Nigeria.


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