Despite the hardships being inflicted on the citizens of the Federal Republic of Nigeria by the new naira policy, there are still some benefits that the citizens may derive from the new policy.
Recall that, with the new naira policy, an individual can not withdraw more than N20,000 per day and this would prevent some atrocities that were being perpetrated by some criminals because their victims have access to the bulk of the cash.
First, with the new cashless policy, armed robbers will find it very difficult to operate since citizens will have fewer opportunities to move around with enormous amounts of cash which could attract being attacked by armed robbers. Interestingly, with the invention of the Bank Verification Number (BVN), there is no how armed robbery will be perfected through digital transactions without tracing the destination account, mostly with the Know Your Customer (KYC) initiative on all digital banking platforms.
Likewise, the kidnappers will find it extremely uneasy to have their usual ransoms collected in cash which is the only means that prevent them from being traced and arrested. This is because if the kidnappers decide to act funny and demand the ransom should be paid to their digital accounts, it would ease the process of getting them arrested by the security personnel.
Not only this, the bandit and corrupt citizens who have the traits of staunching cash at homes, in the forests and all sorts would either have their money reserved in the banking sector or get forfeited.
Looking at the above, more money would be available in the banks and individuals and businesses would have ease of access to borrow money, with a lower interest rate for settling their personal or commercial purposes.
The timing and procedural templates for the implementation of the new naira policy might be politically motivated, there are still some merits from the policy if strategically implemented by the major stakeholders.
Tag: New naira policy Nigeria news today
Written by Ejiro Hassan (ejiro)
Published 2/8/2023 12:20:51 PM