Before the naira redesigned policy emerged last year, everything concerning transaction was going on smoothly. The cash we had at hand was enough for us to trade and even we were able to have access to the money we have with the banking system not until when the now old naira note of N500 and N1000 were be held on to by the CBN and the FED. We had almost 3 trillion in circulation before the advent of the policy. Then 2.4 billion were diverted to cashless while the Central Bank of Nigeria printed only just 400 billion naira in place of the 2.3 trillion naira that was turned to cashless.
What's making this policy not working out.
At that point, that's where everything took a turn. Most of our money is now cashless, meanwhile only 400 billion cash is in circulation which is not enough. Let's not forget, the Governor admitted that there's no enough money printed. Then we are left with no choice than to make use of Internet banking and cashless policy. Lot of challenges have stand as cog not making the wheel to move well.
The issue of market women and illiterate or uneducated ones. This is one of the major challenges we are facing, how do you transact with a common woman sells petty things that most of our lives depend on. They are not familiar with internet banking, most of them don't even have bank account where you can transfer the money of the things you bought from them.
Networking issue is another challenge we have to deal with at this time. Using internet banking has not increase for some percentage of which normally when were literally dealing cash at hand policy in most of our daily transaction we face issue of bad network talk less of when internet banking and cashless policy are now being introduced.
These are the major challenges I feel is slowing down our day to.dsy activities and transactions. Who ever believed we would arrived at this point that we will have our money in the bank system and we wouldn't be able to touch it.
