Nigeria’s Currency Revamp has sparked an economic crisis, with limited cash availability affecting both individuals and businesses nationwide. This initiative by the Central Bank of Nigeria aims to bring 85% of unbanked currency back into the system, curbing money laundering and fostering a shift towards digital payments. However, frustration is mounting as people face long queues at banks, and business owners fear theft due to scarce cash. The introduction of new 200, 500, and 1,000 naira notes, while intended to promote financial inclusion, is proving challenging in a cash-driven economy. Economist Sam Chidoka highlights the negative impact, particularly in rural areas, where reliance on cash is strong.
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Question: Do you think a cashless economy is attainable in Nigeria’s current landscape? Share your thoughts!
Cashless again! the federal government should act fast on this issue.
Cashless economy is attainable in Nigeria but when put under long term plans. There are still millions of people who are not IT literate yet.