Will Bola Tinubu Uplift Nigeria from Crippling Cash Shortages?
- He takes up the position after Muhammadu Buhari under whose administration the country witnessed riots and inflation.
- The new President is expected to help the country to support the public’s interest in digital currencies.
Bola Tinubu, the Nigerian politician who served as the Governor of Lagos State from 1999 to 2007 and the Senator for Lagos during the Third Republic, has been elected as the President of Nigeria amid crippling cash shortages.
Notably, Tinubu has dethroned former President Muhammadu Buhari, under whose regime the nation witnessed serious recession and high inflation. In addition, the period had been infamous for police brutality.
Significantly, it was under the Buhari government, the country adopted new banknotes instead of the older ones. In October 2021, the Central bank of Nigeria issued digital naira to support electronic payments.
Though the e-naira was intended to fight against the country’s adoption of cryptocurrencies, the techno-aspiring public of Nigeria preferred and utilized the opportunities of cryptocurrencies despite the government’s efforts to thwart it.
However, the transaction options for the Central Bank Digital Currencies were highly limited. A Nigerian native and the director at the banking company Renaissance Capital, Adesoju Solanke commented about the lesser opportunities, stating: They [government] want to put it out there to get people to use it [digital currency], but people don’t have enough places to use it.
In addition, as merchants were reluctant to accept digital currencies as a mode of payment, the use of cryptocurrencies became minimal. Under the administration of Buhari, the Central Government also banned the local banks from supporting crypto companies.
After two long terms of administration, when Buhari was about to step back from his position, Tinubu took up the disputed position. By succeeding Buhari, Tinubu is expected to lift the nation from its pathetic position, especially from inflation and cash shortages.