Question
ECONOMICS
Recently, in the country, there has been hardship caused by the
shortage of cash in the economy. This is due to the facing off of
the old N200, N500 and N1000 naira notes. Although, this is not
different from the cashless policy by the CBN, it hasn't been
easy on the citizens.
You are required to share your view on how the recent
happening in terms of shortage of cash, has helped expose those
leaders who have been "hoarding" our cash currency and the
"effects" both positive and negative on the economv.
Answer
The shortage of cash has exposed the leaders who have been hoarding cash currency. The positive effect is that it will encourage the use of electronic payment systems and reduce corruption. However, the negative effect is that it may cause inconvenience and hardship for citizens who rely on cash transactions.