Since the implementation of the cash swap policy initiated by the Central Bank of Nigeria(CBN) on February 10, Nigerians have found it frustrating transacting and fulfilling daily obligations. Protests and riots have been recorded in several cities and towns due to the cash scarcity.
Reasons for the policy is for facilitation of increased convenience; more service options; reduction of risk in the area of cash-related crimes; cheaper access to banking services, access to credit facility among others.
Nigerians were made to believe that the policy would bring an end to the suffering of people regarding cash scarcity which has constituted a problem and brought economic hardship to people.
Unfortunately, the reverse is the case, given what is being witnessed on daily basis whenever one needs to withdraw cash from the automated teller machines (ATM).
Other reasons given by the federal government on the new cash policy is to speedily drive development and modernisation of the payment system in line with NIgeria ‘s vision 2020 goal of trying to make the country rank among 20 top economies in the world for economic growth.
Again the new cash policy as we were made to understand, would improve effectiveness of monetary policy, manage inflation and drive economic growth.
Despite claims by the financial regulators that the new cash policy will curb negative consequences associated with high usage of physical cash, economic hardship still thrives among residents of the state as a result of buying and selling of cash from banks and subsequent sale by Point of Sale (POS) operators to residents of the state.
Within Cross River State capital, it’s common to see people spending up to a thousand five hundred naira to make withdrawal of fifty thousand naira from a POS operator.
Resident of Obubra local government area in Cross River Central Senatorial district, Abang Santos, complained bitterly on the issue of spending as much as three thousand naira to withdraw fifty thousand naira from any of the POS operators.
A resident of Obudu and Obanlikwu local government area in the northern Senatorial district of the state, Agnes Adie, also complained of spending up to five thousand naira before she could access fifty thousand naira from the POS operators.
These development has increased the level of economic hardship among those residing in the state due to the inadequate cash flow.
A POS operator, Blessing Tambo, claimed the banks should be blamed for the cash scarcity suffered by people.
Another resident, Stella Bassey decried the ugly trend and called on government at all levels to live up to the occasion and salvage the situation.
