The two-month cash crunch caused most Nigerians untold hardship

The Central Bank of Nigeria, CBN, had introduced the policy to strengthen the Naira, curb money laundering and stop vote-buying the 2023 general elections.

The apex bank had also explained that the new policy would help to limit the use of cash for illicit activities such as banditry and terrorism financing

According to the CBN, people who have earned money through illegal ways would be afraid to declare it as they may be prosecuted by the Income tax department on the legitimacy of their income.

President Muhammadu Buhari also affirmed that the new cash policy will check vote buying during the 2023 general elections.

During his address in the heat of the cash crisis, Buhari told Nigerians that the policy will contribute immensely to the minimization of the influence of money in politics and it will lay a strong foundation for free and fair elections

 We findings show that beggars, who ordinarily earn their living through alms, were the most affected by this policy as they found life very unbearable during this period.

Giving tips to bank security officers, bouncers at clubs, waiters, cleaners and gatemen, as well as offerings in churches reduced drastically

During this time, Nigerians were forced into paying for goods and services through cash transfer and Point of Sale, POS.

The rate of poverty in the country which places over 65% of Nigerians below poverty line has over the years swelled the number of beggars in the country.

Most Nigerians earn their living from what they get from others.

An Abuja-based businessman, Enewo Nzenwa, who told us that he always tips beggars and gives money to his gateman and people around him, said during the period in question, he could not give because he found it difficult to get cash

According to him, ”There is no money. I am a businessman. I sell electrical appliances, my customers pay through transfer or POS. I cannot get cash even when I need it most, it is now difficult to give alms as I cannot even get money to buy simple things I need.”

Lamenting the situation, a bank security officer who simply identified as Charles said it has not been easy enduring the cash crunch.

”You know one good thing we benefit from this our job na small small change customers dey give but honestly since this cash issue start we never see money like that. People no even get for themselves, how do they want to show us love? Na just God dey help us, many customers wey dey give us tips, just dey tell us say dem go see us when cash dey, e no easy.” he said in pidgin.

Corroborating Charles’s statement, a waiter in Abuja said the use of POS to purchase food has affected the little cash they get from generous customers.

”On a very good day, I got up to 3k tips from customers in this area but the cash crunch spoiled everything. Everyone that comes here always uses our POS, some don’t even have up to N100 cash; they will hail you and promise to see you another time. I can’t blame them, I blame Buhari government, it has never been this bad for us, I believe things will change though.”

A roadside beggar, who spoke in Hausa, Zainab Aminu said it was not easy to endure the hardship caused by the cash crunch.

”Alhamdulillah, some weeks ago, I cried because I did not receive any money for three days even after sitting under the sun for hours. This is the only way I feed my children.

“Before the cash issue, I could make enough money to feed for two days but now, people just apologise and pray for me. I also had old notes and I was sad because no one wanted to collect it from me but thank God I can now use them,” she said