He!
He! He! I laugh in Spanish oh! There’s indeed a good side to everything….
The
introduction of the Cashless (Cashlite) Policy in Nigeria met the anger of the Nigerian
People. As usual, the Nigerian populace vituperated and insulted policy makers.
“How can they charge me for withdrawals in my bank?” “Is it not my money? My hard earned money!”, “We
do not yet have sufficient ATM machines or POS terminals and they are preaching
cashless!” “The Internet systems are pathetic and they are preaching cashless!”
Why should I be penalized for making withdrawals? These and many more were the
angry comments from Nigerians.
At
first, the penalty was 100 naira for every 1000 naira above 150,000naira
withdrawn or lodged by individual customers and 200 naira for every 1000 naira
above 1,000,000naira withdrawn or lodged by corporate customers. Indeed, the
Central Bank of Nigeria (CBN) was determined to enforce the policy and
supposedly to encourage the utilization of electronic payment system. The cry
of the people however made CBN push up the limit to 500,000 naira for
individuals and 3,000,000 naira for corporate bodies with three and five
percent handling charge for individuals and corporate bodies respectively and
gradually it began to sink in… the cashless policy had come to stay...
Now,
to why I was laughing in Spanish (LOL), my ever sure ‘naija’ boys all of a
sudden embraced the phrase and not the policy. The other day I heard one young
broke dude saying ‘sorry, I’m cashless’ in response to a girl asking him for
five hundred naira! And seriously, my colleague at work said same the other day!
My point, Boys no longer give money on impulse because they don’t carry cash!
But
alas, while I was still rejoicing with boys at a perfect excuse, the CBN
announced the introduction of the 5000 naira note! And guess what? the
government says no going back! Yaay! Go girls! Now! I’m rejoicing with girls!
At least every correct guy should have a few five thousand naira notes in his
wallet and not give the lame excuse of having only cards or rather being
cashless! Ha ha ha ha! Now I’m laughing in Japaneese!
But
Seriously! As in very seriously! What are the Policy makers thinking? This is
apparently most contradictory! But then, the CBN governor, Lamido Sanusi, says
the introduction of the 5,000 naira note would complement the cashless policy.
Maybe I lack understanding of simple economics, because I certainly do not
understand how! And to make matters worse they plan to convert N5, N10 and N20
naira notes to coins! We certainly are going to have to deal with inflation
because Nigerians are averse to coins! But again, they say No! They maintain it
won’t cause inflation and contend that there’s no link between the conversion/introduction
of new notes and inflation! Whew! Let me just rest my case because I’m a lawyer
and not an economist…But I respectfully submit that whilst the CBN carries out
its legitimate functions, let them
remember the preamble of the preamble
of the Constitution of the Federal Republic of Nigeria… Let them remember ‘we
the people oh’!
Meanwhile,
ladies! Don’t let naija boys use your head oh! Withdrawing cash isn’t criminal,
there’s just a 3% handling charge for withdrawals that exceed five hundred
thousand naira. And for rich girls like me*wink*, Cashless or Cashlite, 5000
naira note or coin, we’ll spend the money anyhow! (Ema dami duro….*laughing
heartily and singing Davido’s Song*).
Omoaderobacn
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