Naira Redesign Implementation: A Pain in the Butt
Hy everyone, trust you doing well, I have been posting updates about the effect of currency design and implementation in Nigeria. Each post summarizes activities of what I discover could be the effect of the policy on citizens.
Finance is something we cannot do without so a strike on our financial system is a pain to all. This will lead me to bring up what I encountered today about the effect of currency redesign.
To me it’s as if we want to be compelled to use online banking system. But that’s not the issue as most Nigerians are even okay with that. As at the time of writing this post network coverage for bank transactions seems to be very poor. This means you can’t access your finance online. Business will be affected a lot especially for those who depends on transaction such as sale of digital products and services.
I went out today to withdraw a sum of NGN6000. On getting to the point of sale, I instructed the person in charge what I came for and I was told for me to be able to withdraw NGN6000 I will have to pay additional NGN1000 for what previously used to be NGN100. In fact for the transaction I needed to do online I was discouraged because I can’t access my both bank accounts due to sudden network malfunctioning. I also called to ask some people who claimed to experience same.
If the central bank monetary policies about naira implementation doesn’t conform to the well-being of the people, it’s high time we went back to the former finance system or we choose crypto because I don’t see the rich affected neither do I see all politicians but who is mostly affected are the masses? We are forced to carryout compulsory fasting when we have money to buy what to eat. It is as if we elected people into office to fight us back. It doesn’t sound logical.
The Solution
Ever since I knew of crypto, I have never experienced such issue. This is just a total depiction of corruption. It’s high time I like to invite the spirit of crypto into mother earth. With crypto, we don’t need the following.
A bank that will keep customers standing in queue for a very long time before been attended too.
Honestly I have seen a lot within this short time of naira redesign implementation. We see our elected leaders as people we cannot freely talk to so anything they want us to do, we fearfully do them because we don’t see them as fellow humans anymore. They are the one controlling our finance making people to suffer for their hard earned funds. They claim that the new currency is available and has been distributed to all banks but what keeps people standing long hours on queue? Some are even fighting.We don’t need a third party that monitors our network to determine when we can use our funds or not.
Similar experience I discovered when I tried to make transfer to someone, I had network with better status but it always displays an error message when I want to access my finance.
I think this is a good opportunity to show case crypto.
You cannot show case an opportunity when there is no problem, there is a huge problem with our finance in Nigeria and the only way it can get getter is by providing a system with ample opportunities where people needs to convert their fiat to digital asset stored on the block chain.
If block chain exchangers such as binance, coinbase e.t.c can put together resources to educate people about crypto, am sure than there will be a financial revolution in Africa and beyond in a short time to come.
At this point in time people are seeking for solutions amidst the financial crises, if we are presented with a better option, the masses don’t care to boycott the central banking system for a better one. They would love to make use of the system and with that people will be tempted to also adopt it when majority operates on it.
Let’s take for instance I want to purchase coffee at the store, I will have to pay in USDT or other available crypto. It will definitely be fine with the opportunities it carries.
With crypto you can stake and earn good amount of income which central banking doesn’t offer such opportunity. It’s a pleasure having you to read this article, do have a day full of smiles and laughter.