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‘Why we support Naira redesign policy’

By Maria Famakinwa

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The pains brought  upon the citizens by the naira redesign policy of the Central Bank of Nigeria (CBN), has remained unbearable for most Nigerians who cannot access cash to buy their daily needs. The complaints, danger, and pains of the people have continued to increase on a daily basis with no end in sight.

The vast majority, including the rich, have no cash to spend. To make the situation worse, fake alerts and poor services mar e-banking, thus forcing most traders to insist on getting cash instead of transfer. All the promises made by the CBN Governor, Mr Godwin Emefiele, still remain unrealistic, as most Nigerians trooped to banks struggling to get cash. While many citizens blamed the apex bank for the ill-timed policy, few however, support  the idea on the ground that it helped to curb their wasteful spending. Some of them who spoke with The Hope gave their reasons for backing the Naira redesign policy.

A businessman, Mr Olukayode Iginla, explained that when the challenges of the naira scarcity just started, he was seriously affected because he could not do without having cash until  he was advised to get a Point of Sales (PoS) machine like others for easy transactions. “As soon as I got the PoS machine, transactions became easy for me. I got and received money through it.

“Aside easy transactions, the cash crunch has helped me to minimize my spending. Before now, I spent any cash I had on things that I didn’t need at all. At times, I gave out money to people and buy things for friends. All these have stopped due to the cash crunch challenges we are currently facing. Though it is not easy to cope for someone like me, I am very happy with the amount I have in my bank account.  Had most of my transactions  not  been done through transfer, I am very sure that the money in my account would not have been up to that. I only survive based on the little cash I am able to get from few of my customers because I cannot stand the stress  of going early to bank and spending hours there with no assurance that i will get cash. The lesson I have learnt under this scarcity of cash is that everybody can adjust to any situation when there is  no option because I didn’t believe that I could cope without spending money for a day. My wife was also surprised that the cash crunch has compelled me to embrace a new style of life.”

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A civil servant, Mr Abiodun Omole, who also threw his weight behind the new naira redesigned policy described the idea as a leveler. According to him, both the rich and the poor are now equal.

He said: “I was one of those raining curses on the CBN Governor when the problem of getting cash just started, but when I discovered that it was helping me to live within my means, I calmed down. Otherwise, I would have borrowed money from friends and colleagues. Now, those who should have lent me money also need financial assistance. Since I have been coping, it is okay by me. The transfer I now do on  daily basis is basically on foodstuffs.

“Sincerely speaking, But for the challenges people encounter with the e-transaction, I would have suggested that we continue with the cashless economy. Another important ill that scarcity of cash has helped to reduce is kidnapping. You will observe that since the introduction of cashless economy, kidnapping for ransom has reduced. People now travel across the state without fear. This is one of the reasons the Federal Government introduced the idea and it is yielding positive results”.

Sharing a similar view, a public servant, Mrs Omolara Akinsanya, disclosed that cash crunch has helped to reduce her social outings. She added that most Nigerians have reduced partying because of scarcity of cash.

She said: “Scarcity of funds has cautioned Nigerians to cut down partying. So, we are made to face the reality of the season squarely. As a matter of fact, there are some people who have been forced to postpone their weddings and burial of their aged ones till when the situation will be normal.

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“Another couple who could not shift their date of wedding that had been fixed before the naira scarcity were forced to reduce the expenses. They cancelled the hall where they initially planned to host their guests and had the reception in the bride’s father’s compound which helped to cut down the cost. What is more important to people now is eating, paying children’s school fees and buying drugs. I mean many now focus on essential needs of the family unlike when we went to the market to buy everything including what we didn’t need at that moment.”    

A nurse, Mrs Clara Grace who admitted that the struggle to get cash on a daily basis was not easy for Nigerians, maintained that the cash crunch turned many citizens to economists, including the illiterates.

Her words: “If not for the untold pains occasioned by the cashless economy, I never believed I could manage N5000 with two children for a week. Anytime I struggled to get N5000, I would do a scale of preference about how to spend the money for a week. The reality of the time made me forget cooking my favourite meals and concentrate more on what I could use the N5000 to buy for my children to sustain them.

“Another thing I noticed was that some traders refused to sell on credit. Even those selling things for me on credit before the naira scarcity saga refused selling to me. I was very sad when one of them told me she could not sell on credit because her money was still hanging due to network problem but today it is a blessing for me. otherwise, I would have been indebted to her and many others. Since I was able to survive this period of cash crunch, I then realized that I can as well live within my income if I chose to buy what I need and not what I want. This season of Naira redesign policy is tough for all Nigerians but it also has its advantages,” she said.

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