8 Ways To Spend Naira Without The New Naira Notes (Cash); What The ‘Unbanked’ Should Do To Start Receiving Money


Spend without New Naira Notes cards

It’s just a few days to the deadline set by the Central Bank of Nigeria and the Federal Government for the deposit of the old Naira notes. Several reports suggest that people are having a hard time getting the new Naira notes from their banks, even after just depositing the old Naira notes. In this article, we will highlight 8 ways to spend Naira without using the new Naira cash notes. Also, what the ‘unbanked’ should do following the change of the 1000, 500, and 200 Naira notes

In our many talks with several industry watchers, it is suggested that the CBN has actually only released a limited amount of new Naira notes to the public – if they were actually printed. They have also reiterated their plans to make Nigeria go fully cashless.

Already, there are several reports of POS merchants asking for extra commissions on withdrawals to get the new Naira notes. It’s a full-blown scarcity at the moment. 

Not A Cash Swap!

Something we would like to point out is that this is NOT an old-for-new notes cash swap, as many people think. 

It is suggested that the CBN has deliberately arranged the hasty timeline, released limited new cash, and cap cash withdrawals. The reasons could be:

  1. Ensure an all-inclusive banking for the ‘unbanked’
  2. Trap illegal cash money currently riddling the financial system
  3. Cut back on the costs involved in printing Naira cash notes

What can the ‘unbanked’ do to start receiving money immediately?

By ‘unbanked’, we mean people who do not have any electronic means of receiving/sending money – people who do not have any bank accounts.

‘Unbanked’ people currently face a serious challenge, and are at risk of being left behind in their markets. It is true that we still have vendors, labourers, highly skilled artisans, market women and men, etc., that are yet to find their way around opening bank accounts. 

Here’s what they can do immediately to start receiving payments immediately:

  1. Chances are high that an unbanked person has a mobile phone (a valid phone line that has their NIN attached to it) – they can use that to open a quick online bank account that can even start receiving money on the spot. Check some of our articles on how to open instant accounts online.
  2. Walk into a commercial bank and open an instant account
  3. Liaise with POS merchants (who are ever-present in the markets) to receive various payments form their various customers. Albeit, this is the least secure and least convenient – the good news is that they can simply just open an account with their mobile phones or in any bank.
  4. Receive money using close family’s bank accounts e.g. sons, daughters, husbands, wives, and so on. Again, this is very unsafe because people tend to misbehave once they are entrusted with money.

The stop-gap solutions (3 & 4) should be regarded as temporal and a lasting solution should be sought to make transactions easy.

How do we go about our daily transactions without using the old or new Naira cash notes?

So many people are facing difficulties in doing their day-to-day transactions following the change of the 1000, 500, and 200 Naira notes, especially when the other party is not a ‘banked’ person. So, they are asking “how do we go cashless?”

Here’s a list of things you can do to spend money electronically instead of using physical Naira cash notes:

Cashless transactions have become increasingly popular as technology continues to advance and offer a variety of alternative payment methods. Here are eight alternative ways to spend money without using the new Naira notes cash:

Debit/Credit Cards

Debit and credit cards are widely accepted forms of payment that allow you to make purchases without carrying cash. They are linked to your bank account and offer the convenience of not having to visit an ATM for cash withdrawals.

Mobile Payments

Mobile payment platforms such as Apple Pay, Google Pay, and Samsung Pay allow you to make purchases using your smartphone. Simply link your credit or debit card to the platform and tap your phone against the payment terminal to complete the transaction.


E-wallets such as OPay and Page are digital wallets that store your money electronically. You can add money to the wallet using your credit or debit card, and then use it to make purchases online or in-store.


Cryptocurrencies like Bitcoin, Ethereum and Litecoin offer secure, decentralised and low-cost transactions. More retailers now accept cryptocurrencies as a form of payment, and they can be easily bought and sold using online exchanges.

Online banking

Online banking allows you to access your bank account from anywhere and at any time. You can pay bills, transfer money and make purchases directly from your bank account without having to visit a branch or carry cash.

Contactless Payments

Contactless payment options like NFC (Near Field Communication) allow you to make payments by tapping your card or phone against a payment terminal. This is a fast and secure way to make purchases without using cash.

Direct Debit

Direct debit allows you to authorise a company or service provider to automatically debit a set amount from your bank account. This can be a convenient way to pay bills, subscriptions or recurring expenses without having to worry about cash or manual payments.

Digital Gift Cards

Digital gift cards are a convenient way to make purchases without using cash. They can be purchased online, sent as a gift, and redeemed for purchases at a variety of retailers.

To wrap this up…

In conclusion, there are many alternatives to cash that offer convenience, security, and flexibility. Whether you prefer debit cards, mobile payments, e-wallets, cryptocurrencies, online banking, contactless payments, direct debit, or digital gift cards, there is a cashless option that allows you spend money without using the new Naira notes cash.

1 Comment
  1. Don carmen says


Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More