Following back and forths on the old Naira notes to be valid as a legal tender and the court intervening to suspend the coexistence of the old and new notes till December 2023, one is forced to ask what exactly did this CBN cashless policy achieve?
The CBN had viewed the cashless policy as a means to reduce the amount of physical cash in circulation and towards the end of 2022 announced a redesign of the bank notes.
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Not long to the 2023 general elections, many people are stranded because the apex bank had announced the old notes – ₦200, ₦500 and ₦1000 are no longer legal tenders.
While many initially lauded the move to curb vote buying, the reality set in as majority could not even cash out their money or even use their traditional banking apps effectively and the digital banks came to their rescue.
While the digital banks thrives, the traditional banks majorly disappointed many and below are some thoughts NewStori can curate to what the CBN cashless policy able to achieve especially with respect to the traditional banks:
- exposed the scam that is in the traditional Nigerian banks; most seems to be using archaic equipments/servers
- banks have made no effort to build for capacity;
- They are declaring huge profits off the back of hugely underpaid labour
- Little or no investment in Human Resources
- Their best hands have japaed and getting paid 4 times abroad
- Fintech is prospering hence traditional banks should understand they are becoming relics at this point
- Bata system is still real
- Crypto currency is the future for a resemblance of freedom
- The US Dollar is a liability for international base currency. It falters, every dependent economy falters. It allows the US to destroy a country by criminal irresponsible financial actions
- The idea that you have money because it is in the bank is clearly an illusion and a lie. You have nothing except what is given – your money can be ceased
- ALL THE BANKS ARE BROKE – fiat money is not real
