What a blessing, again! I have been an advocate of a cashless Nigeria—or of minimum cash at least. That would be one of the greatest changes we would witness. Even for us who have seen many since the 1960s, this would truly be transformative.
The 47 days ultimatum is not an inch, but kilometres closer to that target. It is necessary from the administrative, economic and security points of view.
Even without giving the naira a facelift, I was earlier this year advocating for a maximum cash withdrawal limit of N10,000. That would make all cash-based corrupt practices difficult, stabilise the naira substantially, stamp out kidnapping, robbery, drugs, and many crimes. Cash is the oxygen of evil in our society. Withhold it and you will enjoy watching many criminals suffocate. The additional benefits of bringing mass numbers into the formal sector are also there.
Two things have been driving kidnapping. The GSM and cash. Without contact with the relatives of the victim, there would be no kidnapping. And without cash available, the kidnapper is left with the option of not to kidnap at all or with the conundrum of kill-or-release, with no benefit either way. After a short while, it will be a worthless venture and abandoned.
I, today, run a cashless Ministry of Education and I know how sweet it is for a contractor, principal or labourer to get his FULL pay as he sits at home without suffering the risk and cost of distance. Executives can instantly receive the alerts of any deduction done. How beautiful! It is also sweet when every kobo can easily be traced to the last beneficiary at any given time.
The CBN is right. The limited cash policy cannot take off well unless the apex bank smokes out the cash presently in circulation. So, which way is better than face-lifting the currency? All of it will be delivered to the bank and then it will give us the cap of limited cash to wear and the bullion van drivers can go to sleep.
It could be tasking to many, though. But that is the nature of all the changes we have witnessed before. They come with initial difficulty but end with a smooth ride of progress.
The elite often cite the rural folks as the would-be victims, forgetting whether the masses are happier with the ongoing kidnapping for cash. The bank is giving them a choice between cash and security of their lives. We the elite are choosing the cash for them. Haba! The shock of 1984 may not be there after all. We have 47 days, not just a week.
Let us wake up. The Nigeria of today is not the one of 1984. So many things have changed. It used to take me hours to withdraw N100 from my bank at Gusau Road, Sokoto, in 1984. Today, one can send N10 million with a tap of a finger on his mobile phone. It used to take a month to send N100 between Bauchi and Jos twenty years ago. Not anymore.
Let us embrace progress. Let us be positive about it and positive things will come. It is indeed a blessing to witness so much change in a life time. Alhamdu lillah.
* Dr. Aliyu U. Tilde is the Commissioner of Education, Bauchi State
