The signs are not good at all. The early morning queues at bank branches as customers scurry to secure access to the deposits has never made sense. Especially, when by midday the throngs disperse without customers having access to the cash they need for their quotidian needs. The cashless economy hype is simply that. The […]
The signs are not good at all. The early morning queues at bank branches as customers scurry to secure access to the deposits has never made sense. Especially, when by midday the throngs disperse without customers having access to the cash they need for their quotidian needs. The cashless economy hype is simply that.
If ever there was a pictorial depiction of the phrase “existential crisis”, conditions in Nigeria today would be it! Now, this raises a lot of questions. But the most obvious of these questions, if not the most fundamental, are the ones about how policy is made and why it is clear today that the ideas in the heads of men matter only in terms of their outcomes. The extent to which, when put to work, these outcomes have a beneficial or a negative impact is just as important.
There is space in the febrile Nigerian mind for celebrating the bodyblow to street trading from the banknotes swap. But as with the otherworldly idea that reforms to our political system could be wrought by asphyxiating the economy ahead of a general election, the gains from this policy goal are likely to be pyrrhic. Far better to design policies on the back of a thoroughgoing understanding of the economy. With data-driven policies, unintended consequences still crop up.
At the end of this season, we may all agree that never before in the history of this country have so many suffered from the misguided activities of so few.
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