Part 10/12:
The report advocates that the social and economic costs of such a move are extraordinary. With nearly two-thirds of Nigerians living in poverty and a significant portion of the population without bank accounts, a cashless future seems out of reach for many. The inability to withdraw cash directly hampers daily living and pushes millions into dependency on state-controlled digital currencies and social subsidies.
The narrative underlines a key point: denying people access to their earned cash—the very foundation of economic freedom—outweighs any abstract benefits that digital currencies might offer. The primary beneficiaries of these policies appear to be regulatory authorities and large institutions, not ordinary citizens.