Some of them are analyzed by this author and include setting aside cash saved by individuals, fighting terrorism and kidnapping, dealing with inflation, reducing vote buying and leading to a cashless economy.
One does not need to be a genius to easily conclude that despite the lofty goals of the naira redesign policy, it is one that has failed miserably, in ways that any student of economics would study for a case study.
The plight Nigerians are facing has been told with millions stranded, unable to retrieve their hard-earned money due to the costly cashless infrastructure bombarding online financial activities. Thousands of people have money trapped somewhere between vending machines, commercial banks and fintech.
Many, like this writer, have decided that there is no need to queue for hours at banks for more than a few thousand naira, because the physical costs involved will be much more.
Supreme Court judges are also human, more than one can speak of the authority behind the naira redesign policy, and they condemn the conception of the policy and its execution.
Justice Akomaye Agim who delivered the judgment said it was unconstitutional the way President Buhari exercised his power after failing to consult with Federal Executive Councilat National Economic Council with Governor’s Forum while denying Nigerians their human rights in many ways.
The dust has finally settled on a dangerous policy but some entities may benefit from the chaos. Here are the winners and losers of the naira redesign policy.
the winner
Fintech: If there was a time commercial banks could show Nigerians that they can give fintech companies a run for their money, it was the time of the cash crisis when physical banking was made a mockery of civil war. However, the gap is widening as fintech provides almost seamless internet banking. At least two mobile money agencies are smiling behind their backs because of the millions of new customers they have acquired.
Charging station: Fuel sellers probably give out more cash than anyone else in the country and they capitalize on cash crunch opportunities because they are a place of cash supply. Some were even accused of overcharging to give money to stranded residents.
A loser
Commercial banks: It is saddening to see bank branches burnt down and properties destroyed because they are the scapegoats of CBN policies and bear the brunt. This is not to mention the daily crowds of people who are daily curses, dramas and violent pressures.
While Emefiele and his men drive around in luxury cars and issue press statements at will, commercial bank workers are forced to ‘dress up’ and be wary of mob action.
Godwin Emefiele – The Best Of Godwin Emefiele Few other people can match Godwin Emefiele in terms of popularity (not) since the beginning of the year. The way the name has been bastardised, from elementary school, finished for Emefiole, said the volume of vituperations the CBN governor has suffered. He may not care, but the Delta native will go down as the most notorious governor of the apex bank in recent history.
Postal Operator: As predicted by this writer, the naira redesign policy and consequent cash crunch effectively ended business for PoS operators. Lack of cash means nothing for the business. Only a few can get cash and what they get is nowhere near what they like. Jobless Nigerian youths who used mobile money agencies as a stopgap are now back on the streets looking for other livelihoods.
** The views expressed in this article are those of the author and not of the Business Insider Africa organization