banking halls, protesting their inability to access their hard-earned money. In the markets, traders are dealing with low demands and those with perishable goods are having trouble storing them as demand continues to fall. Hotels, restaurants and other small businesses are reporting either a drop in sales or a lack of cash to replenish stocks. A worker in a restaurant told me this week that there was no bread and egg for breakfast because of “all these cash problems.
It is quite unfortunate that a policy that was meant to stem illicit financial transactions and vote-buying during the elections has turned out to be a national embarrassment and source of torture to ordinary folks. Particularly affected are those who did not understand the basic premise of the Naira redesign policy and the huge population in the informal sector who deals mostly in cash.
Now, the government seems to be facing a dilemma, caught between softening this policy in the interest of those in the informal sector who can’t adapt easily and the need to move fast to stop a presidential candidate who had brought in a staggering $1.5 billion to be changed into the Naira and deployed in massive vote-buying. This is a test case for President Buhari. He should resist the loud complaints from party henchmen like Gov. Nasir el Rufai and Adams Oshiomhole.
The cashless policy should never be reversed or extended. The banks should strengthen their IT infrastructure to take care of the upsurge in transactions. Government must do all it can to stop vote-buying. For those Nigerians who are used to carrying huge amounts in their wallets, they should understand that although old habits may die hard, change is always inevitable.
It is the responsibility of the CBN and FG to explain to Nigerians the objectives of Naira redesign and facilitate a smooth transition to cashless policy. As usual the policy makers have not put into consideration the condition and concern of their citizens.
Over 200m Citizens From A Country Called Nigeria Are Contemplating In This 21st Century Who To Vote Between A Prudent Man Called ( Peter Obi ).... Or .. A Thief Called ( Atiku Abubakar ) ..... Or .. A Drug Lord Called ( Bola Tinubu )....... Can Y'all Beliv That.....😶😶✨