How has the No-Cash policy tamped down your lifestyle? Was there any improvement in your spending? Was it mild or just plain difficult? Did you suddenly enjoy living on a budget? Tell us a story. Share your experiences with us.
When the naira redesign policy was first announced in October of last year I had no idea what was in store for us. It is for our good, they say.
It will deter bandits and kidnappers from collecting ransom and discourage vote buying by those politicians who had a lot of money stashed up for the election.
My thoughts and that of other millions of Nigerians were that the policy will be well implemented, and there will be enough new notes in circulation or at least mobile transfers will be seamless.
Fast forward to the first deadline on the 31st of January this year, everything became very clear that the government had no clue what they were doing. Their intention of the policy might be good, yes, but the implementation was very bad. As their plans were not realistic at all.
How has this policy affected me?
It hasn't been nice at all. My transactions have been mostly through transfer and there are times the bank network will be so terrible. As I'm typing this I still have some hanging in the air without it reaching the seller. I have complained to my bank but they are yet to reverse it even after two weeks.
Some shops and market women do not collect transfers for the fear of them not receiving the money. Most of the POS in my area have closed down their shops for the time being. Luckily for me, there is this woman selling provisions not far from my place, she not only collects transfers but now and then I used to get between 500 to 1000 naira in cash from her. Which I will use to patronize those who do not collect transfers at all. Though not enough but it helps.
Was there any improvement in my spending?
The answer is no. Before the policy, I'm someone who doesn't buy things unnecessarily, I spend my money on the budget. I buy the things I need and do not want due to my current financial lifestyle. This policy is even making me spend more in some cases as some shops will request you to add around 50 to 100 naira to your payment. If not they do not sell to you. Their reason was that they will need it for transfer charges.
Just imagine, if I'm adding between 50 to 100 for most of my transactions. By the time I conduct like ten in a space of one week. That will be an extra 500 to 1000 naira extra money spent for nothing and don't even talk about the transfer charges from the bank. The more I transfer the more I pay the charges.
And oh, those people in the market will tell me to go to a POS to transfer to them, as they don't collect direct bank transfers for fear of the money hanging. This as well cost me between 100 to 200 naira.
During the weekend hubby had to pay an extra 700 naira on the transport fair from Abuja to Kaduna because after looking for vehicles for hours without any of them accepting a transfer, the only one that accepted charged an extra 500 naira with 200 pos charges. You can just imagine. He had no choice but to spend more. The story continues but let's just leave it at this and hope that in the coming days, there will be more money released into circulation.
They should allow us to access our money anytime we want to, without further restrictions after all the policy failed obviously.
This is my entry into this week @hivenaija Prompt. Greetings @princessbusayo, and @ibbtammy, join us to share your experience. Thank you and enjoy your week.