The Lagos State Chairman of the Nigerian Association of Small and Medium Enterprise, Dr Adebayo Adams, said the policy would hit businesses, especially MSMEs.
“How can you say I can’t access more than N100,000 in a week? What do I do with N100,000? So, it is going to have a serious effect on the local market. These people are selling on a daily basis at Ketu , Igboyi, Oyigbo market, most of them do not have PoS or ATM. So, it will affect the speed of transactions and movement of goods.
“From the cashless policy point of view, we should appreciate that, as much as possible, the government is trying to limit the use of cash for transactions, more so, now that they are redesigning the currency. And they may not have enough in print, so for it to go around, they have to find a way to limit us from using cash.
“If all of us, including market women and men, have to go online today, can the infrastructure carry all of us through successfully? This question should be able to deal with some of these things. “Even in towns, I do not see the effectiveness of this policy let alone in the rural environs. It is a good policy, but we should streamline to see what is possible in the kind of economy we operate, especially with inflation at double- digit. The practical situation on ground does not support this policy.
“With more money in banks, the banks can use the money for their financial intervention role in the economy,” he said,
What a country. 🙈