ASK LEO: NEW CBN POLICY: HOW IS THE POLICY DESIGNED TO FIGHT CORRUPTION?

Historically, if you check the history of Nigeria development very well, you will realize that Nigeria and her citizens with corruption are like 5 and 6. This has made the country to be categorized under being underdeveloped country in the world. Nigeria that is rich in human and natural resources are languishing on being underdeveloped just because we couldn't manage our resources very well. And in what way are these being mismanaged? It's through "corrupt" practice.

How can the new CBN policy will assist to curb corrupt practice in Nigeria?

One of the easiest way to practice corruption is by dealing having too much fiat in cash. Meanwhile, when corruption is being talked about,it's not all about embezzlement of fund. It entails bribery, extortion, blackmail, and many more. All these act can easily be carried out with cash at hand because it the transaction can't be tracked or traced but if most of our transactions are through internet banking, any corrupt practice carried through this means can easily be tracked; like the Dasuki-gate corruption scandal.

Another reason why the new CBN policy will help us curb corrupt practice is that, sometimes ago I happened to witness a corrupt practice by a police officer who extorted a young man of almost #250,000. The extortion was carried out via internet banking transactions. After the scenerio the victim lodged a complain to the police civil service commission, all the necessary investigation was carried out and it was said that the police officer used his personal account details to receive the transaction from the victim which the police officer couldn't deny but let assume the police officer extorted the young man via cash at hand,the police officer can easily deny allegation that he actually extort the young man.

So some extent, the new CBN policy can help us to fight corruption in Nigeria.

Please note that, this isn't a cryptocurrency, financial or businessadvice,it's just an opinion. If you need a cryptocurrency, financial or business advice, consult a cryptocurrency or financial experts. Thank you.

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Posted Using LeoFinance ^Beta

Posted Using LeoFinance ^Beta