The two-month cash crisis caused untold hardship for the majority of Nigerians.
The policy was implemented by the Central Bank of Nigeria (CBN) in order to strengthen the Naira, reduce money laundering, and prevent vote-buying in the 2023 general elections.
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The central bank also stated that the new policy would assist in limiting the use of cash for illegal activities such as banditry and terrorism financing.
People who have earned money illegally, according to the CBN, are afraid to declare it for fear of being prosecuted by the Income Tax Department for the legitimacy of their income.
President Muhammadu Buhari also stated that the new cash policy will prevent vote buying in the general elections in 2023.
During his speech in the midst of the cash crisis, Buhari assured Nigerians that the policy will significantly reduce the influence of money in politics and lay a solid foundation for free and fair elections.
According to gistpeople findings, beggars, who normally earn their living through alms, were the most affected by this policy, as they found life extremely difficult during this period.
Tipping bank security officers, club bouncers, waiters, cleaners, and gatemen, as well as church offerings, has been drastically reduced.
During this period, Nigerians were compelled to pay for goods and services via cash transfer and Point of Sale, or POS.
The country’s poverty rate, which places over 65% of Nigerians below the poverty line, has increased the number of beggars over the years.
The majority of Nigerians make their living by taking from others.
Enewo Nzenwa, an Abuja-based businessman who told gistpeople that he always tips beggars and gives money to his gateman and people around him, said he couldn’t give during the period in question because he couldn’t get cash.
“There is no money,” he claims. I run a business. My customers pay for electrical appliances through transfer or POS. I can’t get cash even when I need it the most; it’s now difficult for me to give alms because I can’t even get money to buy basic necessities.”
A bank security officer simply identified as Charles lamented the situation, saying it has not been easy enduring the cash crunch.
“You know one good thing we benefit from this our job na small small change customers dey give but honestly since this cash problem started, we never see money like that.” People don’t even get for themselves, so how can they show us love? “Na just God dey help us, many customers who give us tips, just tell us say dem come see us when cash dey, e no easy,” he said in pidgin.
A waiter in Abuja confirmed Charles’ statement, saying that the use of POS to purchase food has reduced the small amount of cash they receive from generous customers.
“On a good day, I could get up to $3,000 in tips from customers in this area, but the cash crunch ruined everything.” Everyone who comes here always uses our POS, even if they only have N100 in cash; they will hail you and promise to see you again later. I can’t blame them; I blame the Buhari administration; things have never been this bad for us; however, I believe things will improve.”
Zainab Aminu, a roadside beggar who spoke in Hausa, said it was difficult to bear the hardship caused by the cash crunch.
“Alhamdulillah, I cried a few weeks ago because I hadn’t received any money for three days, despite sitting in the sun for hours.” This is the only way I can provide for my children.
“Before the cash problem, I could make enough money to last two days, but now people just apologize and pray for me.” “I also had old notes that I was sad about because no one wanted to collect them from me, but thank God I can now use them,” she explained.
