Nigerians are being used as Guinea pigs right as we speak.
In recent years, Nigeria has become a testing ground for Central Bank Digital Currencies (CBDCs), with Western nations leading the way in promoting cashless economies. CBDCs are digital currencies issued by central banks that are intended to operate as legal tender in a given country. Nigeria has been an attractive target for the West’s CBDC experimentation for several reasons, including its size, population, and existing financial infrastructure.
One of the primary ways that the West has been testing CBDCs in Nigeria is by limiting the use of cash. Cash has been demonized in Nigeria and portrayed as a tool for corruption and crime. The government and Western financial institutions have been promoting the use of electronic payment systems as a way to combat these issues. While the intentions may be good, the implementation of this strategy has created significant challenges for Nigerians, particularly those in rural areas and low-income communities.
One of the main challenges that Nigerians face in the transition to a cashless economy is the lack of access to digital payment infrastructure. Many Nigerians do not have access to banking services or have limited access to reliable internet services, which are essential for digital payments. As a result, many Nigerians still rely heavily on cash for day-to-day transactions.
Another significant challenge is the cost of using digital payment systems. While electronic payment systems can be efficient and convenient, they often come with high transaction fees that many Nigerians cannot afford. This is particularly problematic for small businesses, which are the backbone of the Nigerian economy. The fees associated with digital payments can cut deeply into their profits and make it difficult to stay afloat.
The West’s push for a cashless Nigeria has also raised concerns about privacy and security. Many Nigerians worry that their personal information could be compromised through digital payment systems. This is especially true given the prevalence of scams and fraud in Nigeria’s financial sector. If a digital payment system were to be hacked or compromised, it could result in significant financial losses for Nigerians.
In conclusion, the implementation of a cashless society has created significant challenges for Nigerians. The lack of access to digital payment infrastructure, high transaction fees, and concerns about privacy and security have made it difficult for many Nigerians to embrace the transition to a cashless economy. It is essential that the West and the Nigerian government work together to address these challenges. There is nothing good that will come from CBDCs, if a bank fails you will be stuck you will not have access to your funds, you will essentially become penniless overnight.
You’ve been warned, make hay while the sun still sorta shines.
Nigerians are being used as Guinea pigs right as we speak.
