I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.
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As for the matter of Naira restrictions abeg make dem no comot am but can increase the limit for daily transaction on our apps dem but make dem no release more naira into circulation abeg. We dun already dey adjust to this one make e stay like that. Too much Naira go commot value for the currency. You no see as dollars been dey cost for the country as e no dey easily accessible. Make dem make naira scare like dat small even though e no reach to the range wey dollars been scares reach. Banks app dey to use so why we need physical cash. If na for the rural areas wey be say our parents dey and dem no sabi operate this apps dem, make we dey send them cash and we dey make use of the apps.
As much as CBN and the banking sector don try to push the cashless banking narrative for several years now, using cash is still inevitable and we been see the hardship wey been dey during that election time wey naira been scarce. If we go back to that situation again, other people will take advantage of the situation for personal gain again. Right now, not even cities are ready to fully embrace cashless policies and our banking system still need more work for instance, sometimes, you might want to make a payment and the bank app no go work because of network issue with bank. Sometimes, POS terminals suffer from this too and that thing dey really affect the user experience of using these cashless alternatives leading to inconvenience.
But if them improve these services and push for more adoption of cashless policies before enforcing mandatory naira scarcity like CBN been do for February time, then e no go dey as bad as e been dey. But doing that without improving the core infrastructure that powers alternative (cashless alternatives) dey bad. Where I been dey for school, one time, I been wan pay bike, no cash. Bikeman no fit take transfer because their bank get network issue.
I go like fit use my naira cards to pay for goods and services outside the Nigeria jurisdiction. I don tire to give my BVN and ID docs to these third party card service providers because them wan fulfil KYC/AML requirements. If govt can make our cards work again now USD is unified across the board, na good deal IMO.