rose54321:
This will do the opposite, it will encourage people to hoard cash at home.

Next time OP, be consistent in your writing, you either stick to figures only, words only or words with respective figures in brackets.

- 7%
- seven percent
- seven percent (7%)

Your inconsistency makes the write up hard to follow.

Which is a security risk in a country like Nigeria which is not very safe.

Michaelpresh:
the Lord is my strength

i shall not want

what's this nonsense? ontop person hard earned money they want to remove a portion they are not entitled to. omo na to build underground safe o. fvck the banks

Ademat7:

Will check it out on Google

Check it out here http://www.planetebook.com/ebooks/1984.pdf

This is what happens when you appoint a bank MD the CBN governor. All his policies will favour his sector to the detriment of all other sectors. Nigerian banks add very little value to SMEs (which are the greatest engine of growth of an economy).Yet they reap mindboggling profits. Any top banker will tell you in confidence that banks are rip-off machines. Also how can you be talking of cashless policy in an environment with poor quality internet services? Sometimes one waits for an hour to receive an alert. So a customer will be hanging around for that length of time before a seller releases his goods.

#bringbackeconomistsascbngov

na Ponzi scheme we go dey store our money now oo.Pls check my signature for a very reliable one

Emefiele should step down. This is confused government.

buoye1:
I'll stop keeping my money in Banks

Where would you put it?

cyberguy72:
Where would you put it?

You wan come rob me?

I'm not telling you sir

nizetee:


Before the recession, I withdrew all my money and bought land with it. I'm not stupid enough to cross my hand and watch the value of my hard earned money loose value.

Nice one bro

This Can get sense soooo. Masses are suffering you now impose rubbish policy. God help ninja.

zoedew:
CBN Policies need to go beyond its apparent struggles to keep banks afloat to balancing such interests with that of SMEs and Manufacturers. Banks in Nigeria over the years have little to show for depositors' funds they hold.

Do you know how much they declare quarterly in profits?

This policy is a good one. I like the fact that it is progressive. The rich section of the society will feel the burden the most.. Good one CBN....

Stop emefiele now. stop this cbn.

HAH:
Good policy, transactions should be cashless in this days and time.

The CBN is even lenient to take it upto 500k with charges, left to me is outright ban, this has already happened in India a country of over 1.2billion people

Use your internet banking, mobile banking etc for transaction even if it is over 1 billion no one will charge you kobo.

Only criminals that want money trail to end that demand cash paymennt, eg drug deal, kidnapping, bribes etc

Personally I only use cash when I go to local market, everything is POS, Internet or mobile banking, with this you can easily audit my personal accounts

You made sense small, do you know that the local market you went to would eventually take the cash to the bank? What do you say about that?

Adesiji77:


The CBN circular...

Cc: Electroweb

Thanks for the circular.

buoye1:
You wan come rob me?

I'm not telling you sir

Lol.......e reach N5000?

No problem, na to dey keep money for Bush or farm, rather than taking it to the bank.

989900:


At what cost? As expensive as traveling to the bank, wasting time (time is money), fuel, and bearing the risk of having over N500k in the trunk?

This past December, in PH, a man and his family were robbed and held hostage in the middle of the night, wife raped just cause they got info he brought money home . . . . they wouldn't believe N500k was all he brought home.

Juxtapose that to N100 bank charge, that is if you are transferring to another bank.

Fine.why should there be a bank charge . Ain't the Bank greedy

989900:
I support this policy neck, head, and shoulders.
It will help with 'paper trail' (didn't you lot wanted Buhari to check corruption with technology), reduce redundancy (time, effort, and e.t.c.), reduce cost of printing new notes, the benefits are endless.

We are ripe for this now, unlike when it was earlier introduced.

I pay my tailor, mechanic, 'almost' everybody through bank transfer, my businesses receive 97% of payments thru bank transfer too.

sure it's the way 4ward, my problem is that wireless transactions are prone to errors which wen reported takes ages somtyms never gets resolved...

erico2k2:
Is dis how U use 2 do.can someone not play with U .

lol

SalamRushdie:
This is not a good time for this ...The CBN must do everything in its place to keep that banks active in the recession ..Alienating the cash based trading sector in these times is a no no ..not good

what kind of transaction worth 5 million that the seller can't buy pos or accept check or bank draft. Aagtwmt don't know it costs money and time to count and transport that amount of money

mikolo80:
what kind of transaction worth 5 million that the seller can't buy pos or accept check or bank draft. Aagtwmt don't know it costs money and time to count and transport that amount of money

Go to any bank Branch on marina and asks them how much those traders bring on cash at cob ..

rozayx5:
3 percent of 500k is something

5% of 10m is 500k. So if I want to withdraw 10m I should get ready to dash bank 500k? Thunder fire satan, I dey go buy safe.

Personally i hate Nigeria, It's pattern of government and the wicked souls in It. This is just simple everyman should keep his money at home or all task rates should be removed 4rm us if this wickedness must exist. "rate charges in deposit and withdrawal?" this is cawodize, unlishing charges on us "Innocent poor Citizens" aaaah! This is a wicked govt with evil planners. Does luting the citizen enrich govt? Even if it does what happens to out humble interest.

SalamRushdie:


Go to any bank Branch on marina and asks them how much those traders bring on cash at cob ..

why can't the banks advise them to use pos if it's so important to them.
Or they pay for the staff that have to count such huge amount of money while delaying other 2k customers. All could have been handled with swipe of card

unclezuma:


Have you read George Orwell's 1984?

Actually read d book really an eye opener...if u hv other gud books u could pls send to my mail.. sandrastones616@gmail.com..Gracias

VULCAN:
This is what happens when you appoint a bank MD the CBN governor. All his policies will favour his sector to the detriment of all other sectors. Nigerian banks add very little value to SMEs (which are the greatest engine of growth of an economy).Yet they reap mindboggling profits. Any top banker will tell you in confidence that banks are rip-off machines. Also how can you be talking of cashless policy in an environment with poor quality internet services? Sometimes one waits for an hour to receive an alert. So a customer will be hanging around for that length of time before a seller releases his goods.

#bringbackeconomistsascbngov

So true. Most of the policies brought by sanusi has been upended by this current man in charge of CBN who serves the interests of moneybags instead of the people. He has always supported these greedy bank stars to deduct and steal from the customers Willy nilly. I just cannot pinpoint any policy he has brought out that has actually been of help to bank customers just bringing one new policy or the other on how more money can be taken from customers.

At this point cashless policy will have to also affect the Forex at it equivalent. To futher safe the Naira. I think this will be ok for the country Nigeria.

cyberguy72:
Lol.......e reach N5000?

eeennh!.... I'LL Still not tell you

Union Bank has been in existence for more than 100 years, with the recent rebranding and the bank track record, you can be sure of a bank that has no hidden charges and is complaint with the CBN rules. Visit one of the new state of the art branch near you to validate this.