Cash For Cash Epidemic

[Tribalchief]

After a few hours of contemplating which board to make this post on, I concluded that the local board would be the best place, since I can only identify this problem in my country. The term 'epidemic' seems to be a little harsh, but in situations like this, we have to use a tough term that best describes the problem.

While growing up, I never believed that the country would get to a state where the majority begins to buy cash with cash. Though I am not too conversant with economic terms, I think cash flow is basically part of a working economy. The agendas of those in authority trying to implement a cashless society are a total failure to me. The majority of our local traders who trade with our necessities (goods and services) won't be able to adapt to a cashless society soon.

Sadly, trillions of naira have been printed over the past 10 years, but that money isn't even in circulation. Banks, which are supposed to be the housing center of money, have become useless. The country's money is now sold on the local exchange or to those who hold POS machines around us. The black market price has become a normal and acceptable price in our country.

In conclusion, there is a solution to this problem, but sadly, there is no one to implement those solutions because the majority of those at the top are involved. What are your thoughts concerning cash scarcity and how bad has it affected you?.

[Ambatman]

I believe it's better than it was early last year.
It has affected me very well especially when in need of cash to meet up with basic needs like entering bike or cab, buying petty things and all that
It's not everybody that accept transfer and even those that do some ask for charges not to exclude the times where bank network has cost us alot.
Like having money but unable to get what you need.
It's tiring though,  I guess nobody thought something like this was ever possible in all we can only complain.  The answer lies with those at the top.

[Tribalchief]

I believe it's better than it was early last year.
It has affected me very well especially when in need of cash to meet up with basic needs like entering bike or cab, buying petty things and all that
It's not everybody that accept transfer and even those that do some ask for charges not to exclude the times where bank network has cost us alot.
Like having money but unable to get what you need.
It's tiring though,  I guess nobody thought something like this was ever possible in all we can only complain.  The answer lies with those at the top.

The issue of local currency exchange on the street, where individuals buy money from the bank, is concerning. I am not sure if other developed African countries practice similar act. This certainly poses a significant problem and a threat to our country, as currency exchange should ideally be conducted through banks. What are your thoughts on these individuals? Do you think they are doing the right thing?.

[Gideon99]

After a few hours of contemplating which board to make this post on, I concluded that the local board would be the best place, since I can only identify this problem in my country. The term 'epidemic' seems to be a little harsh, but in situations like this, we have to use a tough term that best describes the problem.

While growing up, I never believed that the country would get to a state where the majority begins to buy cash with cash. Though I am not too conversant with economic terms, I think cash flow is basically part of a working economy. The agendas of those in authority trying to implement a cashless society are a total failure to me. The majority of our local traders who trade with our necessities (goods and services) won't be able to adapt to a cashless society soon.

Sadly, trillions of naira have been printed over the past 10 years, but that money isn't even in circulation. Banks, which are supposed to be the housing center of money, have become useless. The country's money is now sold on the local exchange or to those who hold POS machines around us. The black market price has become a normal and acceptable price in our country.

In conclusion, there is a solution to this problem, but sadly, there is no one to implement those solutions because the majority of those at the top are involved. What are your thoughts concerning cash scarcity and how bad has it affected you?.

This is commonly a situation in my country Nigeria where people are exchanging cash for other forms of payment like digital currency and credit card. It could be an indication of declined economy, where most people relying on cash more on then other payment methods. Cash of cash epidemic it's a speculation. Let's discuss more on the cash in general, it's still use as a payment method even if the digital forms of payment methods are more popular this days. The main reason. Why people still choose the cash is because of the privacy and security level of the digital forms of payment is not much. It's a very important in situations where the digital forms of payment aren't available. Well, it's certain that the cash is still important in the country.

[Mr. Allcrypto]

Yes, the rate at which money is scarce in our country has affected a lot of our local traders. I think it has even become moderate, compared to last years cashless policy.
The only solution to this problem is for the governor to implement laws concerning the the flow of cash within the country and also regulate the amount of cash that can be giving to a particular in a period of time, because our politicians and most governments officials and even top bank officials are the once taking so much cash to themselves and leaving the masses to use little quantities.

[Gideon99]

Yes, the rate at which money is scarce in our country has affected a lot of our local traders. I think it has even become moderate, compared to last years cashless policy.
The only solution to this problem is for the governor to implement laws concerning the the flow of cash within the country and also regulate the amount of cash that can be giving to a particular in a period of time, because our politicians and most governments officials and even top bank officials are the once taking so much cash to themselves and leaving the masses to use little quantities.

The last year cash less policy was influenced by the leaders. The cash scarcity in the country has brought so many businesses and investors down consider the economic in the country and cash less policy also cause hungry in the country which leads to the dead of many citizens.bank where also closed at that period.

[Darker45]

The last year cash less policy was influenced by the leaders. The cash scarcity in the country has brought so many businesses and investors down consider the economic in the country and cash less policy also cause hungry in the country which leads to the dead of many citizens.bank where also closed at that period.

It is possible that the leaders in this country are thinking like Bitcoin, when the currency we use is not printed in large quantities the price will increase, but this is not in accordance with what our leaders think, in fact, as you mentioned, there are many residents starved to death because the circulation of the local money they used was blocked. The government must immediately print more money and immediately give it to residents who really need money to buy food to survive.

[Chilwell]

The Cash for Cash Epidemic was a difficult period that many will not soon forget. The scarcity of cash and frequent network outages created immense hardship for citizens.

People struggled to access basic necessities like food, and many were unable to pay bills or fees. The situation was further exacerbated by the lack of available cash.

Despite the challenges, Nigerians demonstrated resilience and adaptability. However, it's essential to acknowledge the difficulties faced during this period and work towards preventing similar crises in the future. They should print more currency so that the money should circulate, because a lot of citizens really suffered a lot that time.

[Penlex_Writer]

After a few hours of contemplating which board to make this post on, I concluded that the local board would be the best place, since I can only identify this problem in my country. The term 'epidemic' seems to be a little harsh, but in situations like this, we have to use a tough term that best describes the problem.

While growing up, I never believed that the country would get to a state where the majority begins to buy cash with cash. Though I am not too conversant with economic terms, I think cash flow is basically part of a working economy. The agendas of those in authority trying to implement a cashless society are a total failure to me. The majority of our local traders who trade with our necessities (goods and services) won't be able to adapt to a cashless society soon.

Sadly, trillions of naira have been printed over the past 10 years, but that money isn't even in circulation. Banks, which are supposed to be the housing center of money, have become useless. The country's money is now sold on the local exchange or to those who hold POS machines around us. The black market price has become a normal and acceptable price in our country.

In conclusion, there is a solution to this problem, but sadly, there is no one to implement those solutions because the majority of those at the top are involved. What are your thoughts concerning cash scarcity and how bad has it affected you?.

i noticed since pos comes in existence all banks change there way of operating,banks dont longer give out money above 100 thousands,it makes the circulation of money not enough that's why people have to sell money to get money which is against the ethics of money policy,they have to correct that wrong impretion.