₦airaland Forum

Buckeyemedia1:
Senseless rhetoric assertion, maybe you are still oblivious to the reality of a cashless society?

Maybe you didn't watch the video where Tinubu gave an elderly hausa man a large bundle of new #1000 notes.

Buckeyemedia1:
Policy that just started, has failed to you, but you claim it took Sweden 20 years to get to where they are today? It will take Nigeria 3 months to get to that percentage.

The Reserve has come down hard, Emefiele has spoken.

You are not getting it.



Sweden did not enforce cashless policy.



They started by sanitizing people. It was people who began to go cashless by themselves. The Swedish government did not force them through harsh cash policy.



It took Sweden 20 years of patience (without setting deadlines) to make the economy 91% cashless.



Now, Sweden is finally going 100% cashless. And even despite that, they want to make cash available to the 9% which includes the aged.

Efuaye:
We just have to start from somewhere!
It can only get better!

It can't get better.




You don't put the cart before the horse.




Why do you think the cash policy is causing so much problems?




It is because we did not do the right things first before implementing the policy.




No one is against the naira redesign or the mopping up of excess cash in circulation.




But there are things that should have been done first before implementing the policy.




First, there is no huge customer confidence in the banking system in Nigeria. In fact, many Nigerians believe banks work with Yahoo Yahoo boys. There are also many unresolved reversals. I, for example, I have a reversal amounting to 120,000 which is still unresolved since 2017.



Second, there is no citizen confidence in the government. How many people can trust the government? In fact, majority of people that I have interviewed believe this policy is a political rather than a monetary policy.



Third, there is no stable power. A cashless economy needs stable or adequate power supply. There is no stable power supply in Nigeria. If you are lucky to live in some areas, you may enjoy adequate power supply. But power supply in Nigeria is not uniform. There are places where you may not even see power for months. During my service year, there was a period in Modakeke when there was no power for over 6 months because the transformer exploded. You may be asking, "but there is generator". Think about the cost of petrol and diesel right now. Even cooking fuel like kerosene is now costly too.



Fourth, our minimum wage is too small. Someone who earns 30,000 naira will spend more in a cashless economy just to spend their little money in peace. With bank charges and all other associated charges, how much go remain on top the 30k. And this is Nigeria, where many earn below the minimum wage. Employers of labour in the retailing business pay very terribly low salaries.



These and many problems should have been resolved before implementing this policy.



Because they didn't resolve the problems I listed, that is why the masses are suffering.



It is not that the masses don't appreciate the policy, but the policy is becoming a burden to them because the government poorly implemented it.

BluntTheApostle:
It can't get better.




You don't put the cart before the horse.




Why do you think the cash policy is causing so much problems?




It is because we did not do the right things first before implementing the policy.




No one is against the naira redesign or the mopping up of excess cash in circulation.




But there are things that should have been done first before implementing the policy.




First, there is no huge customer confidence in the banking system in Nigeria. In fact, many Nigerians believe banks work with Yahoo Yahoo boys. There are also many unresolved reversals. I, for example, I have a reversal amounting to 120,000 which is still unresolved since 2017.



Second, there is no citizen confidence in the government. How many people can trust the government? In fact, majority of people that I have interviewed believe this policy is a political rather than a monetary policy.



Third, there is no stable power. A cashless economy needs stable or adequate power supply. There is no stable power supply in Nigeria. If you are lucky to live in some areas, you may enjoy adequate power supply. But power supply in Nigeria is not uniform. There are places where you may not even see power for months. During my service year, there was a period in Modakeke when there was no power for over 6 months because the transformer exploded. You may be asking, "but there is generator". Think about the cost of petrol and diesel right now. Even cooking fuel like kerosene is now costly too.



Fourth, our minimum wage is too small. Someone who earns 30,000 naira will spend more in a cashless economy just to spend their little money in peace. With bank charges and all other associated charges, how much go remain on top the 30k. And this is Nigeria, where many earn below the minimum wage. Employers of labour in the retailing business pay very terribly low salaries.



These and many problems should have been resolved before implementing this policy.



Because they didn't resolve the problems I listed, that is why the masses are suffering.



It is not that the masses don't appreciate the policy, but the policy is becoming a burden to them because the government poorly implemented it.

Well said man. Well said.

I appreciate your time for this debate!

The backlash of the currency redesign is obvious for political reasons too, because there was no issue until the ten days extension!
That weakness on Buhari to concede ground gave room to politicians to mess up the whole process. Otherwise by now we would have gone far in adapting to the new normal.

Honestly I have not had any reason to complain!
Just to prove something, after our back and forth discussions yesterday, I opened an Opay account right from my phone, moved money into it and pay some bills from it seamlessly!

We have to find a way around this mess and move forward in life, that's my point.

My training and profession allows me to see the positive from every negative situation first.

BluntTheApostle:
It can't get better.




You don't put the cart before the horse.




Why do you think the cash policy is causing so much problems?




It is because we did not do the right things first before implementing the policy.




No one is against the naira redesign or the mopping up of excess cash in circulation.




But there are things that should have been done first before implementing the policy.




First, there is no huge customer confidence in the banking system in Nigeria. In fact, many Nigerians believe banks work with Yahoo Yahoo boys. There are also many unresolved reversals. I, for example, I have a reversal amounting to 120,000 which is still unresolved since 2017.



Second, there is no citizen confidence in the government. How many people can trust the government? In fact, majority of people that I have interviewed believe this policy is a political rather than a monetary policy.



Third, there is no stable power. A cashless economy needs stable or adequate power supply. There is no stable power supply in Nigeria. If you are lucky to live in some areas, you may enjoy adequate power supply. But power supply in Nigeria is not uniform. There are places where you may not even see power for months. During my service year, there was a period in Modakeke when there was no power for over 6 months because the transformer exploded. You may be asking, "but there is generator". Think about the cost of petrol and diesel right now. Even cooking fuel like kerosene is now costly too.



Fourth, our minimum wage is too small. Someone who earns 30,000 naira will spend more in a cashless economy just to spend their little money in peace. With bank charges and all other associated charges, how much go remain on top the 30k. And this is Nigeria, where many earn below the minimum wage. Employers of labour in the retailing business pay very terribly low salaries.



These and many problems should have been resolved before implementing this policy.



Because they didn't resolve the problems I listed, that is why the masses are suffering.



It is not that the masses don't appreciate the policy, but the policy is becoming a burden to them because the government poorly implemented it.

BATified2023:
so u believe Peter obi a man that stole state money into fidelity bank will have issues with money?

Withdrew 10k yesterday, 5k in 2 batches the productive hours of my self and my collegues were spent on queue. At least we managed to see small naira to hold bodi.

Do people still deposit money in Banks

BluntTheApostle:
It can't get better.




You don't put the cart before the horse.




Why do you think the cash policy is causing so much problems?




It is because we did not do the right things first before implementing the policy.




No one is against the naira redesign or the mopping up of excess cash in circulation.




But there are things that should have been done first before implementing the policy.




First, there is no huge customer confidence in the banking system in Nigeria. In fact, many Nigerians believe banks work with Yahoo Yahoo boys. There are also many unresolved reversals. I, for example, I have a reversal amounting to 120,000 which is still unresolved since 2017.



Second, there is no citizen confidence in the government. [/b]How many people can trust the government? In fact, majority of people that I have interviewed believe this policy is a political rather than a monetary policy.



[b]Third, there is no stable power. A cashless economy needs stable or adequate power supply. There is no stable power supply in Nigeria. If you are lucky to live in some areas, you may enjoy adequate power supply. But power supply in Nigeria is not uniform. There are places where you may not even see power for months. During my service year, there was a period in Modakeke when there was no power for over 6 months because the transformer exploded. You may be asking, "but there is generator". Think about the cost of petrol and diesel right now. Even cooking fuel like kerosene is now costly too.



Fourth, our minimum wage is too small. Someone who earns 30,000 naira will spend more in a cashless economy just to spend their little money in peace. With bank charges and all other associated charges, how much go remain on top the 30k. And this is Nigeria, where many earn below the minimum wage. Employers of labour in the retailing business pay very terribly low salaries.



These and many problems should have been resolved before implementing this policy.



Because they didn't resolve the problems I listed, that is why the masses are suffering.



It is not that the masses don't appreciate the policy, but the policy is becoming a burden to them because the government poorly implemented it.

I like it when I read sane and realistic comments like this. Your points are that of someone who is in tune with reality and not in a state of delusion.

This policy is now a burden to a sizeable amount of Nigerians and It can't get better.

NoToPile:
Withdrew 10k yesterday, 5k in 2 batches the productive hours of my self and my collegues were spent on queue. At least we managed to see small naira to hold bodi.

Lol.....abi o.