The federal government’s directive to the Central Bank of Nigeria to redesign the currency yields positive impacts despite the hardship faced by the masses. The implementation challenges are the sacrifice we have to bear for better governance and a better society.
Objectively, with the policy, the government will be able to curtail inflation in the economy by reducing the much money outside the banking environments and sustaining the electronic cashless business transaction system in the country.
The level of insecurity as a result of the policy has drawn to a minimum as access to so much money has been reduced and confidently makes it easy for the security personnel to manage the situation professionally without much media involvement.
In the political arena, the electioneering process is becoming peaceful because of the unavailability of too much money to share, which could lead to a free and fair election in the forthcoming election in Nigeria. Social vices also seem to be reduced as the exchange of money (cash) becomes difficult.
The menace of corruption is being put under control as electronic transactions will expose and make it easy to trace the source of the money and create fear in the mind of those having the intention to involve in it. The policy also encouraged personal saving, financial discipline, and saving extravagant expenditures in the life of an average Nigerian.
No effective policy without challenges, if it must attain its expected result in which the cashless policy is not an exception. The Nigerian masses face a lot of hardship in the process of its implementation to sustain their lives for better living.
The policy led to a shortage of currency in circulation which affected the day-day business transaction among the people making life unbearable, mobility(transportation) became an issue as both the old and the new currencies become difficult to access . Amid these challenges, the point of sale (POS) operators’ arbitrary charges on the available money in the system became worrisome.
The most challenging is the system failure of the telecommunication service providers that hindered the better electronic money transfer process.
The federal government’s recent strategic move during the last presidential broadcast by the president and other relevant stakeholder interventions are highly appreciated and encouraged to be sustained for a better Nigeria.
In addition, the Central Bank of Nigeria should ensure the federal government’s directive on making available the old N200 notes to the public is strictly carried out quickly to quench the demand for it.
The telecommunication service providers under the good supervision of the Nigeria Communication Commission (NCC) should ensure stable telephone networks to support the federal government’s transition to a cashless system in the country and the improvement of the effective power supply in the country should be prioritized if the policy is to achieve its goals.
This is a call to all Nigerians and the relevant stakeholders to bear the pains now and support the government for a better tomorrow, better change comes with hardship.Rest assured that after every hardship, ease follows.
Abdulmalik Saidu
Saiduone.com@gmail.com
