Top Ways to Survive Cash Scarcity
By Balogun Kamilu Lekan
After the Central Bank of Nigeria (CBN) implemented its cash swap policy on February 10th, Nigerians have struggled to conduct transactions and fulfil their daily obligations, leading to protests and riots in many cities and towns due to scarcity. To cope with this situation, here are five ways to survive the cash shortage:
Learn to fix basic things
Basic survival skills should be given special attention at this time. Little things that can be fixed should be done by the individual rather than hiring artisans that will involve the exchange of cash for services.
This could only be done for little things that you could fix. Online tutorials on fixing those things will come in handy for you during this period.
Use Point of Sale (POS)
The government’s push for cashless transactions could be interpreted as a message to citizens to move away from cash payments. Therefore, it is crucial for micro-businesses and artisans such as food vendors, mechanics, and kiosk managers to embrace the POS method. Making this transition is a smart move that can ease the burden on buyers and sellers in the country.
Trade by Barter
Humans have their way of exchange before the introduction of legal tender. The most popular among them is trade by barter. Nigerians can revert to the traditional transaction method during this cashless period, exchanging goods and services based on their measured equivalence.
This approach could offer insight into the historical way of life before the introduction of legal tender when people used what they had aside money to get what they wanted.
Mobile transfers should be encouraged in every sector. Small and large-scale businesses should go virtual in their banking, and transfers should be used to exchange goods and services.
Nigerians depend heavily on cash, which is not a fertile period for cash exchange for goods. So one must spend consciously by only buying what they need.
Buy stuff in bulk
Purchase items in large quantities that don’t require frequent trips to the market. Doing so can alleviate the pressure of running out of supplies and running low on funds. Additionally, this approach can reduce the frequency of cash transactions, allowing you to concentrate on more critical expenses.
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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