By Ishaka Mohammed

While some people are after the quality of leadership, others are primarily concerned about the identities or affliliations of the people in positions of authority. Anyway, democracy gives us the chance to participate in the process of choosing our leaders. The responsibility of the electoral body, therefore, is to ensure free, fair and credible elections. But can this body be graded excellent by all the electorate or citizens?

The answer is no. It’s impossible for an agency like the Independent National Electoral Commission, (INEC), to avoid fierce criticisms. Provided some candidates lose elections, issues must be raised against the commission. However, this body can reduce doubts to the bare minimum if it scores high in terms of transparency. Sadly, it usually scores low in this aspect. 

INEC has rescheduled the governorship and state assembly elections to March 18, as against the initial date: March 11, 2023. That’s just a week difference. This decision comes with diverse consequences, but my main focus is on how it affects the suffering inflicted by the so-called cashless policy.

The Supreme Court of Nigeria ruled on Friday, March 3, 2023 that the old naira notes (N200, N500 and N1,000) remain legal tender until December 31, 2023. Many Nigerians celebrated the pronouncement, but I was unsure if President Buhari and the Central Bank of Nigeria would honour the ruling. Expectedly, it’s been almost a week since the judgment, but neither of the two has issued any statement about it. However, there’s been a sense of relief as many banks are reportedly paying and accepting the old notes.

As for the President and the CBN, I expected them to say something, maybe a few days after the governorship and state assembly elections, as they might consider the scarcity of cash as an effective measure against vote-buying. So, I was counting down to the end of our suffering—our struggle for cash—when INEC scattered my thoughts by rescheduling the elections. With this postponement, we’ll have to endure the suffering a little longer.

This cashless policy introduced by the Federal Government of Nigeria has been disastrous for the the country. Businesses and individuals are facing tough times due to the scarcity of cash in the economy. The stress of queueing at banks and POS shops, more hunger for the majority, transport costs to and from banks, a depressed market for traders (particularly those running small-scale businesses dealing in perishable goods), difficult in commuting to workplaces or schools, etc. — these are just a few of what Nigerians are enduring.

While I was preparing to go to the bank a few weeks ago, an elderly neighbour transferred N5,000 to my account to help her withdraw. It would been easier for some of us (Jaiz Bank customers) until that time. I went to the bank, fully prepared for long queues, but there was no cash. The woman’s money remained in my account for a few more days until one afternoon, when she called me on the phone (while I was at work) to send it back to her. She’d seen a POS attendant somewhere with some cash. She quickly sent her daughter home to get her debit card, but within a few minutes, the POS operator exhausted the cash by serving other customers in the queue. He charged N200 for every N1,000 withdrawn, yet the queue was long. The woman regretted leaving her card at home; she needed money to cook for her children. Before that time, she had, on two or three occasions, gone to queue at banks as early as 5 a.m. 

Talking about businesses, although some business owners have started acquiring POS machines and accepting bank transfers, bad network remains an obstacle. Besides, most business owners can’t afford such because of many reasons, including illiteracy and the smallness of their business scales. These are enough proof that Nigeria has yet to be ready for the cashless policy.

I can say that with the presence of digital financial institutions like Opay and PalmPay, multiple debit cards, and my little exposure due to education, I’m better off than millions of Nigerians in terms of the capacity to cope with the scarcity of cash in the country. Despite my obvious advantages, when a student of mine gave me N300 to buy a book for her a few days ago, I kept the cash in my pocket and transferred the same value to the bookseller. Yes, I needed the cash to buy items like onions, tomatoes, etc.

Back to the rescheduling of the elections, I don’t know if I’m being somewhat pessimistic, but this is just what I think. Neither President Buhari nor Godwin Emefiele may say anything about the Supreme Court ruling until after the governorship and state assembly elections. As a result, the postponement of these elections means that we may have to endure the suffering for another couple of days, say 11 or even more.

Ishaka Mohammed wrote from Kaduna State. He can be contacted via ishakamohammed39@gmail.com.

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