You can lead a horse to water but…

I read this very interesting piece yesterday about a guy who is trying to work his way around the CBN’s new cashless policy. The article highlights one of the major problems with top down policies; if people don’t want them they will spend time and money trying to avoid them.
A lot of top down policy makers in Nigeria don’t try to understand why people behave the way they do before forcing policies down their throats. In this particular case why do businesses still insist on carrying out transactions in cash? Okafor suggests it may have something to do with tax avoidance. It may be something else.
I think the idea behind encouraging cashless transactions is a good one. Hopefully the CBN is flexible enough to adjust as people try to work around it.


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