As part of a solution to ease Naira scarcity in the country, the Fiscal Policy Partner and Africa Tax Lead at PwC, Mr. Taiwo Oyedele, has called on the federal government to make e-payment easier and safer for the people.
With the redesigning of N1000, N500, and N200 naira notes, many Nigerians are finding it very difficult to lay their hands on the new notes even as banks are not loading their ATMs with cash.
The CBN has also said one of the objectives of the redesigning was to limit the amount of cash in circulation and encourage more Nigerians to go cashless.
Sharing his thoughts on Twitter, Oyedele said many countries that have embraced electronic payments and minimal use of cash are doing so not because their currencies are scarce or to avoid penalties. Instead, they do so because their economies run on credit even as e-payment is more convenient, safer, and incentivised than cash.
Sharing his thoughts in a Twitter thread, Oyedele suggested that a more effective strategy by the Central Bank of Nigeria (CBN) would be to make e-payments easy and attractive.
He said the apex bank would also need to supply as many naira notes as necessary and leverage intelligence to identify and punish criminals with illicit funds.
