The recent shortage of new Naira notes in Nigeria has brought about a new trend among Point of Sale (POS) operators, and this trend has left a lot of people feeling uneasy.
Due to the shortage of new notes, these POS operators are now systematically collecting what they refer to as “tithe,” which is 10% of the amount being withdrawn. This means that people are being charged ₦500 to withdraw ₦5,000 and ₦1,000 to withdraw ₦10,000, which is a significant increase from the normal withdrawal fees.
Furthermore, the increase in fuel prices has added to the financial strain that the citizens of Nigeria are already facing. Many filling stations are now selling a litre of fuel for anywhere between ₦400 to ₦500, which is a significant increase from the previous prices. This is causing a significant impact on the economy and on the people’s livelihoods, as transportation costs have skyrocketed and many people are struggling to make ends meet.
In the face of these challenges, many are starting to ask whether there is a solution to the problems that Nigeria is facing.
One of the solutions I want to suggest is for Nigeria to embrace a cashless policy. A cashless policy would help to reduce the shortage of new Naira notes, as more and more transactions would take place through digital means.
This would also help to reduce corruption and increase transparency in financial transactions, as all transactions would be recorded and could be easily traced.
Additionally, a cashless policy would make it easier for the government to monitor financial activities, reducing the circulation of counterfeit notes and making it easier to track down those responsible for criminal activities. This would help to improve the security of the nation, as well as its economy.
It is my belief that Nigeria needs to embrace a cashless policy to overcome the current challenges that it is facing. The benefits of a cashless policy far outweigh the challenges, and it is a necessary step towards a brighter future for Nigeria and its citizens.
A cashless policy would help to reduce the shortage of new Naira notes, reduce corruption and increase transparency in financial transactions, and improve the security and stability of the nation’s economy.
In the face of the current challenges, I believe a cashless policy is the solution that Nigeria needs to move forward.
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