March 11, 2023

Effect of cashless policy and fuel scarcity in Kwasu

cash payout

By Abayomi iretioluwa ifeoluwa

The scarsity of fuel and the redesigned naira note in Nigeria has affected the convenience of the students of Kwara state University, Kwasu, and her environment.

In November 2022, President Muhammadu Buhari officially unveiled the newly redesigned naira denominations of ₦‎1000, ₦‎500, and ₦‎200 introduced by the Central Bank of Nigeria (CBN). But because of the low circulation of the redesigned notes, Naira has remained scarce in the country. The scarcity of the currency has continued to persist across the states of the federation even as many Nigerians have refused to accept the old notes.

Henry Ifeoluwa, a student of the Kwasu, said, the issue as affected the convenience of the students in the area of transportation, which makes it difficult for students and staff to fill up their vehicles or to find public transportation.

This also led to many students missing classes, as some percentage of the transporters were not able to work consistently, while those working increased their cost.

Due to the cashless policy, POS merchants in the vicinity had all inflated the expected price of withdrawal. Mr Michael Olowomeye, a café man who is a POS marchant, said most POS merchants increased their charges beyond normal because most POS merchant had to buy cash.

This has affected the cost of living, and many students are complaining, hoping to be a relief of this issue after the election is fully concluded Many students of Kwasu depend on generators to make use of electricity.

According to Henry Ifeoluwa , “It would have been better if Malete had stable electricity. At least it would help the students as exams are approaching.

“The students of kwara State University would be glad if an adequate electricity flow is given to Kwasu and it environment. This will help students to read more comfortably and grant them more academic performance as many of the students are used to reading at night after having a long day at school.”