Vox pop: The Cashless Situation in Nigeria

In the past few weeks, people have had to walk, queue, transfer, pay extra charges to POS operators, and go through several other inconveniences because of the unavailability of cash.

The situation has affected spending habits and the ability to spend money, so we asked a number of law students how the cashless situation has affected them and how they have been conducting financial transactions in the past few weeks, they had these to say :

Ayomide, 100 level

Man! It's been transfer all through ooo. Where I wan see cash? While I walk past the banks in school, seeing people queue even on the road because of "new notes" makes me reason the tough times we've been put in. Many of us have resorted to paying online, which has appeared to be a risk in some cases. I remember purchasing something after eating in 2001, returned to the vendor, tried to make a transfer, and there was network problem. Boom! Imaginations of myself washing plates because I couldn't pay for what I bought started to flood my thoughts. I had to wait for up to 30 minutes to finally get a confirmation that I've been debited, so I won't make multiple transfers. It gets even harder when the sellers decline transfers, saying they want cash. Like, are they not seeing what's happening out there?

Even the transfers we make, in some cases, we're asked to add charges to it. I'd buy a bottle of water for 100 naira, and I'm asked to add 50 naira to it. Haba nau.

Yimika, 200 level

It has not really affected me because I received old notes before the extension and even though the extension didn’t make getting cash easier in any way I just continued to spend that, I have a feeling that POS operators might not reduce the current rate of charges even when this phase passes.

Ayo, 300 level

Na transfer I dey do ooo, the extension of the old naira notes validity just elongated the length of problems. Make them just release money for boys.

Anon, 400 level

I’ve had to make transfers and we know it’s not the exact amount that is debited when it’s to another bank, sometimes the transfers don’t even reflect on time. I have had to walk more because paying for short trips is no longer as attractive, there are other things to do with cash.

Anon, 300 level

It hasn’t really affected me but it’s a ploy by the government to hoard plenty money during this election to do their dirty deeds. I live in my house, not hostel, I have my snacks in the house and yet I do transfer. I think the court decision came in too late, they should have settled all that at the beginning of the year not now that even the old or new cash is scarce.

Seyi, 200 level

The current situation is yet to have any adverse toll on me but I’m really unhappy at the fact that it has led to an increase in the price of goods and services. Also, it is really appalling to see that people are taking advantage of “these trying times” to exploit others, I find this really unfair.

I’ve been able to get cash. To be honest, God has been coming through for me, of course using people.
My best friend na legit plug, the last time she went home, she brought me enough cash - the ones they said were scarce lol. I am also grateful for my dad, he slots cash into my palm every time I go to his office after classes.

On a large scale, I haven’t been stranded, not for once, thanks to God and my loved ones.

Daniela, 100 level

Well, I'd say I really can't feel the brunt or effect of the scarcity because there's the alternative of transferring, and if it's about network, my network has been fair and the bank app almost always works so I haven't been disgraced.

As for cash, I only use it when I need to pay for something and the seller collects only cash.
I mostly transfer but the charges... Gosh!
I just recently noticed the amount they charge!!!
Odindin #10 and some kobos😭😂

Honestly, I'm not so bothered about it because again, I'm not necessarily feeling the brunt of it, plus my roommates sell foodstuffs so I can transfer to them to get cash.

We really hope things get better and the new money finally circulates, pending that time the old 200 naira note is still acceptable legal tender.