Five Ways To Survive Cash Scarcity

In Breaking News, Business & Economy, Explainer

By Faith Abiodun Uwaifo, The Nation Newspaper

Since the implementation of the cash swap policy of the Central Bank of Nigeria(CBN) on February 10, Nigerians have been going through hell to transact and fulfill daily obligations. Protests and riots have been recorded in many cities and towns over the scarcity.

Here are five ways to survive cash scarcity:

Online banking: Mobile transfers should be adapted in every sector. From transporters to businessmen, food vendors, and the like, it is amazing how many people do not have bank accounts. This is serving as an eye-opener for everyone even the laymen that life can be easier if we just go virtual.

Spend cash wisely: There are currently not enough new notes to go around. So this should be a wake-up call to Nigerians who depend heavily on cash to spend wisely. Remember the basic rule or law of economics and make a scale of preference. It is not a time to live lavishly but to cut costs.

Buy in bulk: When the opportunity arises, buy things in bulk, things that will not require you to frequent the market. This will save you the stress of lack and being broke. It will also minimize the number of things and times you have to use cash, so you can focus on the major things that must require cash.

Point of Sale (POS): It will seem like the government is sending a message to the citizens, go cashless. So it is of utmost importance that artisans and micro businesses adopt the POS method. Food vendors, mechanics, and kiosk managers. It is a wise decision to begin this process as it will lessen the pressure on both the buyers and sellers in the country.

Trade by Barter: Nigerians can also go back to the antique method of transaction, the trade by barter. Goods and services are exchanged with their measured equivalence. We could even begin to rewrite history and get a sense of what life was like before the introduction of legal tenders.

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