Gleaned from Indian experience, not only will badly implemented demonetisation leave the rural economy paralysed, the backbone of an economy, the micro and small businesses in urban metropolises are bound to be negatively affected. The capacity of cash crunch to lead to non-availability of money to pay for foods speaks volume about what reaction to expect from the people. The Indian 2016 experience is enough to teach Nigeria’s policymakers good lessons.
The demonetisation in India caused panics and chaos in the country. The same scenario is playing out in Nigeria. Save for the North, down South, public unrests are witnessed in cities and towns with the attendant destruction of banks and other public property when people submitted their meagre cash amounts to banks but couldn’t get their money back. What ought to be cash swapping had turned to something else.
As plausible and laudable some of the reasons adduced for the naira notes redesign and the cashless policy may seem, that the masses as well as micro and small enterprises are thrown into untold hardships means that the CBN failed in its primary responsibilities; and must, as a matter of urgency, come up with palliative measures to cushion the effects of its latest monetary policy that is annihilating at great speed the badly affected micro and small scale enterprises.
It's unfortunate that Buhari failed Nigerians in all his promises. See the suffering he put Nigerians with his naira redesign in order to prevent vote buying and guarantee free and fair election he still ended up with the worst election since 1999. Buhari is a monumental failure
When d hope of a common man ♾️ is announced he officialABAT will bring back normalcy 💕🙏
I know some people who have paused or suspended their small business now, because they can not access cash to run the businesd