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Five ways to survive cash scarcity

by Inclusive News Network

By Faith Abiodun Uwaifo

Since the implementation of the cash swap policy of the Central Bank of Nigeria(CBN) on February 10, Nigerians have been going through hell to transact and fulfill daily obligations. Protests and riots have been recorded in many cities and towns over the scarcity.

Here are five ways to survive the cash scarcity:

Online banking : Mobile transfers should be adapted in every sector. From the transporters, to the business men, food vendors and the likes, it is amazing how many people do not have bank accounts. This is serving as an eye opener for everyone even the lay men that life can be easier if we just go virtual.

Spend cash wisely : There is currently not enough new notes to go round. So this should be a wake up call to Nigerians who depend heavily on cash to spend wisely. Remember the basic rule or law of economics and make a scale of preference. It is not a time to live lavishly but to cut cost.

Buy in bulk. When the opportunity arises, buy things in bulk, things that will not require you to frequent the market. This will save you the stress of lack and being broke. It will also minimize the number of things and times you have to use cash for, so you can focus on the major things that must require cash

Point of Sale (POS) : It will seem like the government is sending a message to the citizens, go cashless. So it is of utmost importance that artisans and micro businesses adopt the POS method. Food vendors, mechanics, kiosk managers. It is a wise decision to begin this process as it will lessen the pressure on both the buyers and sellers in the country.

Trade by Barter: Nigerians can also go back to the antique method of transaction, the trade by barter. Good and services are exchange with their measured equivalence. We could even begin to rewrite history and get a sense of what life was before the introduction of legal tenders.

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