My experience with the No-Cash policy in Nigeria
Nigeria has surely been in a ruckus for some time now and that’s eventually because of what we caused upon ourselves. I see Nigeria to be a developing nation and we just have to take progress step by step. But expecting everything to change in just a few months must be like trying to bend a dried fish. Rome wasn't built in a day.
One of the major reasons why Nigeria is experiencing a tough time is because of the No-Cash policy. And this policy was overviewed to be beneficial to the citizens of the country but eventually when the real scenario sets in, we get to realize it's different from what we thought 🙃.
How has the No-Cash policy tampered with your lifestyle?
I can say my lifestyle has been tampered with because of this policy. And in life, everything comes around with its positive and negative effects. So there is always room for advantages and room for disadvantages.
The No-Cash policy was targeted at reducing the total supply of naira currency in circulation by redesigning the new notes and making them available to the citizens. But with time we got to realize it was a different story. Starting from the deadline extension and all other different types of mess up.
Nigeria is not fully ripe to go into a Cashless policy of any kind. Even if they should try their best to do that, then there should be notice to these banks before the policy being effective.
My lifestyle has to change, but what matters most is trying to make sure I adapt to changes and survive for some better days ahead. I was the type that withdraws my money and spends it when I wish. But since the policy became effective, I won’t be able to have that kind of lifestyle. Now I have to buy bulk goods using my credit card and transfer payment. The worst part of it is that I am always finding it hard to get petty things I do on a normal day.
There are times when I will go for a whole week without holding money in my hands. It was just somehow unbelievable. But adapting to the changes is what matters most.
Was there any improvement in your spending?
Yeah, I can say a little. Because I am the type that spends, but I spend with caution. I get what I like when I want if I have the funds to do that. Why do I have to suffer myself 😂. But since the No-Cash policy came in, spending on things I want has become hard simply because you have to know what you are getting.
Was it mild or just plain difficult?
It was mild, not too serious because at least I got a trader I am closer to. So most times I buy my foodstuffs in bulk and this will take more expenses than anticipated. But getting to change to that from time without any prior notice.
Did you suddenly enjoy living on a budget?
I don't like living on a budget. I am not saying it's bad but I just don't like it. Budgeting is the most time for salary earners, so they can get think even a lot to spend.
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