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CBN Suspends New Cashless Policy - Business (2) - Nairaland

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Cashless Policy Will Only Affect 10% Of Nigerians / Polaris Bank's Notice Of Cashless Policy Implementation / CBN Suspends 19 Banks From Forex Sale To BDCs (2) (3) (4)

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Re: CBN Suspends New Cashless Policy by abumeinben(m): 5:34pm On Apr 21, 2017
Confused lot
Re: CBN Suspends New Cashless Policy by Earth2Metahuman: 5:35pm On Apr 21, 2017
Emefiele has got to be the dummest cbn governor ever
Re: CBN Suspends New Cashless Policy by roeb1987(m): 5:35pm On Apr 21, 2017
when they know they will be affected grossly by the policy! 9ijacorruption
Re: CBN Suspends New Cashless Policy by phynofino: 5:37pm On Apr 21, 2017
K
Re: CBN Suspends New Cashless Policy by phynofino: 5:37pm On Apr 21, 2017
K
Re: CBN Suspends New Cashless Policy by 5oyad: 5:40pm On Apr 21, 2017
admax:
One of the best news I have received today!

I was at a bank today telling a cashier that the policy is affecting the wrong sets of people.

The guys CBN were targeting have ATM machines in their houses. They have millions of Dollars in cash at home so they don't need banks!

The target was always the masses. The cashless policy originally exempted government agencies so they were never charged for withdrawing cash reason why they could withdraw trillions in cash and convert to dollar cash which is also supplied by cbn. Call it cbn assisted money laudering and you will be right
Re: CBN Suspends New Cashless Policy by 989900: 5:43pm On Apr 21, 2017
Wrong move.
Re: CBN Suspends New Cashless Policy by Nobody: 5:44pm On Apr 21, 2017
gurunlocker:
Nigeria is never ready for the policy, I know it won't be long for them to suspend it.
why will cbn introduce a policy they cannot sustain? Imagine charges on deposit

1 Like

Re: CBN Suspends New Cashless Policy by Taiwx(m): 5:45pm On Apr 21, 2017
Awon were but i Don't understand fa





cheesy
Re: CBN Suspends New Cashless Policy by BBBlaze: 5:55pm On Apr 21, 2017
CBN y start wat u cant finish or end!

naija was too young for independent n we rushed into it hence we are suffering today...

naija was never ready for ATM banking buh dey forced it on us, hence d long queue at every ATM point...

naija network service providers had not being able to cover the entire nation, especially rural/remote areas, with quality network services, so how can cashless policy work?
Re: CBN Suspends New Cashless Policy by IbBaba1: 5:56pm On Apr 21, 2017
What was suspended is the Withdrawal & Deposit processing fees and not the policy in it's entirety.

To further clarify, the existing policy prior to the announcement of the new policy as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT shall remain in force.

The policy on third party cheques remains in force i.e. third party cheques above N150,000.00 are still not eligible for encashment over the counter.

Any charges already applied effective April 1st, 2017 would be reversed, and the old charges will be applied.
Re: CBN Suspends New Cashless Policy by eluquenson(m): 5:59pm On Apr 21, 2017
I know it won't work in this country, it can never work effectively in a system as corrupt as Nigeria

1 Like

Re: CBN Suspends New Cashless Policy by clems88(m): 6:05pm On Apr 21, 2017
I weep for my con3 cry
Re: CBN Suspends New Cashless Policy by Nobody: 6:08pm On Apr 21, 2017
Thank God for the suspension . I implore DIAMOND BANK to open there ears now. on like the charges for stamp duty
Re: CBN Suspends New Cashless Policy by Sirheny007(m): 6:10pm On Apr 21, 2017
I knew it was a whack policy and something has got to give..
Those people over there, what did they study??
i understand the purpose of the policy..But:
a. did they consider people or organizations who deal with millions on a daily basis? How can you charge me 15,000 because i want to deposit 1,000,000?? 10% charge is proper theft...
b. it never occurred to them that at some point, the transfer system would no longer sustain as people would be forced to make cash deposits in the long run..??
c. some people would lose their jobs...is there any more need for the Bulk Room??..(I pity Zenith Bank) 500,000 is not basically 'bulk"
Re: CBN Suspends New Cashless Policy by Jabioro: 6:21pm On Apr 21, 2017
I am going coming back to back coming going... hope you're not confused by your first line.. I have defined Nigeria government in her status..
Re: CBN Suspends New Cashless Policy by pedrilo: 6:41pm On Apr 21, 2017
fcmb should quickly refund my money the very same way they hurriedly debited my account.
AWON WEREH
Re: CBN Suspends New Cashless Policy by chukzyfcbb: 6:53pm On Apr 21, 2017
routik:


Despite all I did to escape being a victim of this policy, The cash deposits I did during the Easter break(450k & 501K on Saturday & Sunday respectively) at GT Banks' e-branch was summed up as one on Tuesday 18th April. And I was charged as if I deposited the sum total that same day. When I chatted with the CS on their website, i was informed that since I did the transaction during the holiday (which is not a working day), it was carried over to Tuesday.

God don catch them. I will be waiting for a refund alert.
lool, don't rejoice yet bro. even when you get refunded, pls be sure that its the exact amount they debited from you that will be refunded.

When diamond bank was asked to refund customers for the yeye postal stamp charges that happened last month, those guy refunded me just twice but I was debited on three different occasions.
so them gain last last

so monitor am sha
Re: CBN Suspends New Cashless Policy by bobnatlo(m): 7:03pm On Apr 21, 2017
konfused:
Who can do a dissecting analysis of the states this cash-less policy is to be still maintained. What's the common denominator

Well I feel it has to do with business activities and cash flow rates for each selected states
Re: CBN Suspends New Cashless Policy by joinnow: 7:15pm On Apr 21, 2017
But why is cbn so confused[b][/b]
Re: CBN Suspends New Cashless Policy by adecz: 7:34pm On Apr 21, 2017
Emefiele & his Kalo, Kalo economics.

This man has singlehandedly destroyed our economy & currency.
Re: CBN Suspends New Cashless Policy by Nobody: 8:22pm On Apr 21, 2017
NIGERIA: Always driving on reverse gear.
Re: CBN Suspends New Cashless Policy by Duru009(m): 8:46pm On Apr 21, 2017
Buhari will soon appoint a new CBN governor.....

This emefiele is totally confuse!!!
Re: CBN Suspends New Cashless Policy by mployer(m): 9:58pm On Apr 21, 2017
czaratwork:
That Emiefele is so scared for his job.

The guy tire me

1 Like

Re: CBN Suspends New Cashless Policy by Nobody: 11:08pm On Apr 21, 2017
trial and error CBN.
Re: CBN Suspends New Cashless Policy by Tex42(m): 11:26pm On Apr 21, 2017
Just negodi!

A whole country like naija na hin CBN turn to lab rat so o!

Experimenting on anything that crosses their mind.

Emefiele and his policies are synonymous to that phrase... "let me come and be going".
Re: CBN Suspends New Cashless Policy by AJboi(m): 12:00am On Apr 22, 2017
adenine02:
it shall be well with Nigeria














Is dis why u re jumping insyd d Lagoon @ 3rd mainland bridge?



enemy's of Nigeria should just
Re: CBN Suspends New Cashless Policy by megama: 12:09am On Apr 22, 2017
kennethbetha:


https://www.thecable.ng/breaking-cbn-reverses-cashless-policy
so that people will start banking instead of stock piling cash at offices and houses undecided
Re: CBN Suspends New Cashless Policy by opribo(m): 3:11am On Apr 22, 2017
This is the problem with government officials, they don't sit down and do a proper findings before they jump into making announcement thereby heating up the system and creating confusions everywhere. They issue deadlines and put the banks under intense pressure to meet their deadline only at the end to reverse back to status quo. Recall the ATM offsite policy also that was reversed.

Now my question is who pays for all this policy summersault, the banks of course while the CBN man sits cool in his aircon office unperturbed by their own mistakes and failures.

When the former implementers of this cashless policy took it in parts for the implementation it worked but just take a look at the huge mess. How can you implement cashless policy across board in the country when we are still talking of poor GPS communication for POS in some areas, lack of electricity. Poor awareness on the part of illiterate traders, high volume of failed electronic funds transfer due to poor network communication infrastructure, the very painstaking process to reverse a dispute or failed transaction.

I can imagine the efforts most banks would have gone through trying to tweak their banking software to accommodate this. Somebody must pay for this lack of deep thinking and planning. By the way, I do not see the CBN helmsman as having the will power or political goodwill support to pull this through, not at this time.
Re: CBN Suspends New Cashless Policy by debaj10: 4:04am On Apr 22, 2017
People have been rejoicing that dollar is falling against naira.
And that there's so much forex, banks are unable to buy all the cbn offers.
It was all artificial.

This cashless policy simply caused people to pull their cash out of banks and transact directly.
Most of us don't know just how big our economy is.
The banks have no naira to buy dollars because those who used to deposit daily have simply stopped.
That's why there was naira shortage.

Moving forward, anyone who knows emefiele should advise him to focus on mobile money- Phones, Web and POS- to reduce use of physical cash. And to include the unbanked who're up to 25 million.
And he should leave illegal cash to law enforcers.
This economy is too sick to waste time and resources on silly policies.
konfused:
Who can do a dissecting analysis of the states this cash-less policy is to be still maintained. What's the common denominator
Re: CBN Suspends New Cashless Policy by konfused: 5:32am On Apr 22, 2017
debaj10:
People have been rejoicing that dollar is falling against naira.
And that there's so much forex, banks are unable to buy all the cbn offers.
It was all artificial.

This cashless policy simply caused people to pull their cash out of banks and transact directly.
Most of us don't know just how big our economy is.
The banks have no naira to buy dollars because those who used to deposit daily have simply stopped.
That's why there was naira shortage.

Moving forward, anyone who knows emefiele should advise him to focus on mobile money- Phones, Web and POS- to reduce use of physical cash. And to include the unbanked who're up to 25 million.
And he should leave illegal cash to law enforcers.
This economy is too sick to waste time and resources on silly policies.

That's very good analysis sir
Re: CBN Suspends New Cashless Policy by fineboynl(m): 6:11am On Apr 22, 2017
wait I don't get it. 5% charge from every 1m deposit?

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