Policy House International has expressed concern over the implications affecting the masses due to the scarcity of naira across the country.
The Executive Director, Taiwo Akerele in an interview with Blueprint recently stated that the cashless policy is very hard on the masses and the technology is weak and the online transactions are hanging adding that the Nigerian banking system has a long way to go .
“The ATM machines are overwhelmed and you see people queuing for very long hours because the implementation is faulty ,” he said .
He said though, the intention of the President Buhari and the Central Bank of Nigeria on the redesign and introduction of the new naira note is applaudable as it is indeed reducing cash within the system while also promoting a cash-less economy but the implementation is faulty .
He stated that there is confusion in the land which has an implication on the economic stability, purchasing power, implications for demand and supply .
He further expressed concern that the peculiarities of the rural and excluded communities must be specially recognized and considered in the retirement of the old notes and the accessibility of the new naira notes.
