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.
The thing is awful! No doubt! Some have had it worse than others while some are barely getting by. Just like you, there is this pharmacist close to us who is compassionate enough to release up to 2k but it is not enough. I read that the CBN has distributed 52bn and ordered all banks to be operative Saturday and today Sunday. Na these same banks hoard money o!
Hmmm, the policy was poorly implemented. Just imagine after all these sufferings we are back to spending the same old money.
It's been very terrible! I have to go to the hospital today and I'm thinking maybe it's not a bad idea to trek and get some exercise because I don't want to bank on the only 200 Naira note on me.
Hope you have Opay though? It's less disappointing for transfers than the commercial banks
You can just imagine the unnecessary suffering they are putting us through.
I hope your hospital visit won't be stressful.
I stopped using my first bank for now, I switched to my Wema bank and has been very okay.
The no-cash policy has succeeded in making me spend beyond limit because of the POS charges and many times, my money hangs which I would complain. Though they resolved it but the sellers would deny getting an alert. Over 3k of my money is gone. So sad.
Then, the market sellers would demand #50 for charges, just last week, it went up to #100. This is so bad. I haven't talked about the charges when collecting cash oo.
So, there isn't any improvement at all because I could easily save those unnecessary charges and the money that went away as I would do another for the sellers. May God help us oo... The charges hasn't gone down till now.
Thank you for the tag, ma 😊
Just when we thought that inflation is killing us, all they could thought of was a poorly implemented cashless policy.
Funny thing is we are back to spending the old notes till December after all this suffering !lol
Thank you for sharing your experience ❤🥰
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It has been so terrible for me i remember when i travelled last month at the motor park, i made a transfer since they dont want to accept transfer and i use almost 2 hours at the park waiting for the alert to be seen. It is very frustrating
It is well with us. Sometimes I felt like the government thought we are suffering enough that is why they introduced the yeye policy.
Thank you for your support
It's really sad that we have to face such in human treatment from our government. But I believe it wouldn't last for long. Very soon, the change we desire will come
I hope so, we deserve better.
But if things will change for the better, it is not just the government that will do it, every single of us has a role to play for us to have the better country we so much desire.
Yes, you are very correct