CBN's new withdrawal policies states:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

A post was on front page asking you not to worry about the new policies. Well you should, this is why.

1. In China, the USA, Ghana, india etc their is hardly a limit to what you can withdraw from you bank (ATM and over the counter). They have a booming online transactions, even more than Nigeria.

2. There are literally tens of thousands on POS operators in Nigeria today. Remember how people used to have stores and stands only to sell recharge cards? Where are they today? That is the future of POS businesses, which is arguably more lucrative and bigger means of livelihood than the recharge card business of yesteryears.

3. Say hello to high fraud rates and fake transfers as a result of the poorly secured, indifferent attention, slow response, even non at all by banks and law enforcers to hackers, fraudsters and dubious people.

4. Many market women, lesser aware and educated business people don't know how to use the online or USSD system of transactions.


5. Many, I mean a large amount of people still depend on cash transactions cos they don't have an account.

6. Online transactions and alert are very slow over here cos of internet, signals exhausted and undermanned online transactions and customer service as it is already.

7. These new policies absolutely, I mean absolutely does not stop stealing or ransom payment cos you will still pay ransom if you're forced to only now you will pay the bank 5-10% of your own money before you withdraw the limit to still pay the criminals. A criminal mind always finds a new way to profit from crime, the majority hardworking individuals are who it always affects.

8. Say bye bye to one of the newest non government supported business and welcome to more poverty, for millions of families, students, and self-employed honest hardworking citizens.

9. If you want to withdraw more than the limit you most pay 5-10%. That's 5 for 100k and 50k for a 500k.

10. You can finally be sure to always pay VAT and the USSD charges for every transaction you make, every.

I said it didn't concern me when the borders were shut, I was wrong. I said it didn't concern me when levies were put on 500,000 naira and above transactions, I was wrong. Based on experience and common sense I know the answer to this new "policies".

This going to be probably the federal governments single fastest citizens-affecting policies yet. God abeg....!!

These are the types of policies meant for state of emergencies or for war times. These policies shut down economies, Nigeria is too poor for these.

Was there suppose to be something like POS business in the first place , why are we so fixated with cash ?
If you are transacting above 100k in cash then you are not a small business thereby you should be able to accept transfer and all that. Should we rather continue the status quo and keep complaining of inflation or we find solutions with a bit discomfort

Even the small indomie seller in my street accept transfer

Olowoeko11:
Was there suppose to be something like POS business in the first place , why are we so fixated with cash ?
If you are transacting above 100k in cash then you are not a small business thereby you should be able to accept transfer and all that. Should we rather continue the status quo and keep complaining of inflation or we find solutions with a bit discomfort

1. Cash transactions is the cheapest and fastest form of doing business.

2. Maybe millions benefit directly or indirectly from the POS businesses.

3. Online transactions attracts charges, who can afford being charged for every transaction made in a day. Not the average Nigerian of today.

3. Already Nigerian cyber space and customer service are very poor. How will people report and confirm fake transfers in record time?

4. Why are we in a rush for cashless when even big economies have more relaxed means. The US or China for example still allow you use cash to buy something as big as a house or as small as a candy. They're still way ahead of us.

5. Nigeria is a developing nation of poorer people, you encourage every legit business not strangulate it.

Nigerian government is always ready to introduce shitty policies, but ignore the ones that can improve the economy and raise the standard of living of the common man.

You guys even brought more excuses on how linking your NIN to your simcards would affect us negatively..
Today more than 85% of Nigerians with mobile phone have linked their NIN to their simcards and Heaven have not fall down.

Even aboki suya men collect transfers for suya where I stay. So anyone that don't want to change with the change should be left behind..

This policy and come to stay. Better change with the change or get left behind.

LocalStandard1:


1. Cash transactions is the cheapest and fastest form of doing business.

2. Maybe millions benefit directly or indirectly from the POS businesses.

3. Online transactions attracts charges, who can afford being charged for every transaction made in a day. Not the average Nigerian of today.

3. Already Nigerian cyber space and customer service are very poor. How will people report and confirm fake transfers in record time?

4. Why are we in a rush for cashless when even big economies have more relaxed means. The US or China for example still allow you use cash to buy something as big as a house or as small as a candy. They're still way ahead of us.

5. Nigeria is a developing nation of poorer people, you encourage every legit business not strangulate it.

don't mind that guy, he's obviously an APC supporter , they are only good at making life hard for the citizenry.

chucks185:
Nigerian government is always ready to introduce shitty policies, but ignore the ones that can improve the economy and raise the standard of living of the common man.

Let me make this promise to you, I want you to be the first to hear this.

This policy will put millions into poverty before this government hand over in may next year.

Another one....

There will soon be the highest rate of immigration out this country starting next year than has ever been seen before. I might leave, I know many already planning to.

Last one....

From the poorest person in Nigeria to Dangote himself will be directly affected by this policy.

You'll see. Let's wait for it.

I detest corruption, I made a post celebrating the administration for the Naira change. But this one is a bigger disaster maybe evenore than the borders change. I am thankful we have a stubborn government, so we'll see.

LocalStandard1:


1. Cash transactions is the cheapest and fastest form of doing business.

2. Maybe millions benefit directly or indirectly from the POS businesses.

3. Online transactions attracts charges, who can afford being charged for every transaction made in a day. Not the average Nigerian of today.

3. Already Nigerian cyber space and customer service are very poor. How will people report and confirm fake transfers in record time?

4. Why are we in a rush for cashless when even big economies have more relaxed means. The US or China for example still allow you use cash to buy something as big as a house or as small as a candy. They're still way ahead of us.

5. Nigeria is a developing nation of poorer people, you encourage every legit business not strangulate it.

.cash transaction is the cheapest yet part of the reason why we having high inflation and people keeping cash inside sack due to free access to lots of cash
2 yes millions benefit from it but should it be a norm? When the disadvantages outweigh the advantages.
3 even in advance countries cyber crime is common so you can’t totally eliminate that
4 lies advance countries don’t joke with their cashless policies
5 we are poor so we should accept all manner of things

chucks185:


don't mind that guy, he's obviously an APC supporter , they are only good at making life hard for the citizenry.

it’s all about APC PDP to you guys common sense doesn’t apply any more. If you don’t have the intention of stealing accepting transfer and sending one shouldn’t be your problem

kingmaster2009:


I have been living in the diaspora for some years... I cannot remember the last time ... I carry cash ....my phone with contact lense does the magic ...

Is cash banned over there? I saw a video of a YouTuber walking us through withdrawing 250,000k in 1 dollar denominator to buy a sports car so as to get the sellers reactions. Why's that? Is even our economy, internet, banking sector there yet? Check "BigDaws" on YouTube for full video.

LocalStandard1:


Let me make this promise to you, I want you to be the first to hear this.

This policy will put millions into poverty before this government hand over in may next year.

Another one....

There will soon be the highest rate of immigration out this country starting next year than has ever been seen before. I might leave, I know many already planning to.

Last one....

From the poorest person in Nigeria to Dangote himself will be directly affected by this policy.

You'll see. Let's wait for it.

I detest corruption, I made a post celebrating the administration for the Naira change. But this one is a bigger disaster maybe evenore than the borders change. I am thankful we have a stubborn government, so we'll see.

and when you get to wherever you Dey japa to tell them you only want to deal in cash

LocalStandard1:


Is cash banned over there? I saw a video of a YouTuber withdrawing 250,000k in 1 dollar denominator to buy a sports car, to get the sellers reactions. Why's that?

you saw on YouTube and we have people over there, do
You know the stringent conditions attached to him before he withdraw such amount ? Google how USA control cash handling since 911

Olowoeko11:
and when you get to wherever you Dey japa to tell them you only want to deal in cash

I give you the honor, tell me one country that has banned cash transactions or limit it to this our upcoming extent.

I think about the average Nigerian, you guys think sentiment and bravado.

Olowoeko11:
you saw on YouTube and we have people over there, do
You know the stringent conditions attached to him before he withdraw such amount ? Google how USA control cash handling since 911

Sorry this topic is too important for me, I don't answer APC warriors here.

LocalStandard1:


I give you the honor, tell me one country that has banned cash transactions or limit it to this our upcoming extent.

I think about the average Nigerian, you guys think sentiment and bravado.

not sentimental but common sense and what do you mean to this our extent should there be a universal withdrawal limits ?
Whatever You are paying 2k and above for should be able to accept transfer or card payments. And I’m sure this policy will bring up so many fast secure and reliable payment solution

USA

You’ll just don’t want to see anything good from this government now I’m now Apc warrior

LocalStandard1:

Sorry this topic is too important for me, I don't answer APC warriors here.

well opposition warrior what would you rather do ? Let people have access to unmonitored cash ? Thereby making it easy to fund insecurity and causing inflation ?

Olowoeko11:
USA

I have decided to answer you.

1. That is the USA, a more advanced economy.

2. That is only for ATM not for the entire day.

3. You can still use you other ATM cards or do over the counter withdrawal.

4. The levies is not up to our new policies.

5. The USA does not put a limit to how much cash you can transact with in a day.

6. That ATM limit is almost a million naira with Nigeria's current exchange rate.

THIS POST IS NOT TO FIGHT ABOUT POLITICAL PARTIES BUT TO SPEAK ABOUT THE THE FACT THE PEOPLE WILL SUFFER AND THE BANK CHARGE WITH POOR INTERNET AND UNDETECTABLE FRAUD WILL STILL DISCOURAGE PEOPLE FROM DOING IT.

What you will rather have is lower economic activities.

Am I the only intelligentually foresighted in Nairaland?

Perfectbeing:
You guys even brought more excuses on how linking your NIN to your simcards would affect us negatively..
Today more than 85% of Nigerians with mobile phone have linked their NIN to their simcards and even have not fall down.

Even aboki suya men collect transfers for suya where I stay. So anyone that don't want to change with the change should be left behind..

This policy and come to stay and if it will kill you, let it kill you.

You made valid points but the last line wanted to ruin your points, edit it.

chucks185:


don't mind that guy, he's obviously an APC supporter , they are only good at making life hard for the citizenry.

If he's truly an APC Tinubu supporter like you've mentioned; then after January 2023, he will join LocalStandard1 in wailing. Because this policy, together with upcoming ones is aimed at one target.

maureensylvia:


You made valid points but the last line wanted to ruin your points, edit it.

Ok

Superwave16320:
Nigeria just complain about every dam thing for God sake. They are already creating excuse foe the money they so not even have in the account

most of the people complaining don't even deal with 100k weekly o.. They just want to complain..

They complained about BVN, complained about NIN, complained about eNaira, complained about naira redesignation, now they're complaining about this one.

The good thing is that all their complain didn't stop any of the previous thing from happening.. And it won't stop this one either.

In a few weeks after the policy implementation kicks off they'll forget about it and wait for another thing to complain about.

LocalStandard1:


I have decided to answer you.

1. That is the USA, a more advanced economy.

2. That is only for ATM not for the entire day.

3. You can still use you other ATM cards or do over the counter withdrawal.

4. The levies is not up to our new policies.

5. The USA does not put a limit to how much cash you can transact with in a day.

6. That ATM limit is almost a million naira with Nigeria's current exchange rate.

THIS POST IS NOT TO FIGHT ABOUT POLITICAL PARTIES BUT TO SPEAK ABOUT THE THE FACT THE PEOPLE WILL SUFFER AND THE BANK CHARGE WITH POOR INTERNET AND UNDETECTABLE FRAUD WILL STILL DISCOURAGE PEOPLE FROM DOING IT.

What you will rather have is lower economic activities.

Am I the only intelligentually foresighted in Nairaland?

the number 5 put you off as been mischievous or just ignorant about the whole policy. You can transact any amount so far it’s not cash. And should you need cash 10k max is enough for you, whatever you paying 2k and above for should be able to pay with card or transfer is that too hard to comprehend?


You’ve modified to cash transact

Olowoeko11:
the number 5 put you off as been mischievous or just ignorant about the whole policy. You can transact any amount so far it’s not cash. And should you need cash 10k max is enough for you, whatever you paying 2k and above for should be able to pay with card or transfer is that too hard to comprehend?
You’ve modified to cash transact

My man you are not here argue with me and lie not see reason.
This is the IRS website, read:
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.irs.gov/newsroom/cash-payment-report-helps-government-combat-money-laundering%23:~:text%3DFederal%2520law%2520requires%2520a%2520person,in%2520a%2520Trade%2520or%2520Business.&ved=2ahUKEwilt7WXmur7AhUT_IUKHdk5Dm8QFnoECAoQBQ&usg=AOvVaw1zObgXvxb6YL2gqtMQfSth

They require you report over 10k transactions, they didn't stop you. It is illegal to not report not doing the cash transactions.

Pls Miss Olowo Eko, stop quoting me. Find some else to bicker with. Tinubu is not winning this elections.

LocalStandard1:


My man you are not here argue with me and lie not see reason.
This is the IRS website, read:
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.irs.gov/newsroom/cash-payment-report-helps-government-combat-money-laundering%23:~:text%3DFederal%2520law%2520requires%2520a%2520person,in%2520a%2520Trade%2520or%2520Business.&ved=2ahUKEwilt7WXmur7AhUT_IUKHdk5Dm8QFnoECAoQBQ&usg=AOvVaw1zObgXvxb6YL2gqtMQfSth

Pls Mr Olowo Eko, stop quoting me. Find some else to bicker with. Tinubu is not winning this elections.

what concern Tinubu winning election with cashless policy we are discussing? And did you read the link you sent to me ? Anything above 10k cash you will fill form and mandated to report to government and in our own case anything above limits fill form and pay the charges so what’s so difficult in that ? Or better still transfer electronically and avoid charges simple bye

So far our network providers will give us quality network services we shouldn't have issues with cashless policies....


Only criminals and greedy politicians that depends on vote buying are worried about this policy

Payment I made with POS was declined and my money debited.....

Till date I never see my money back...

Nigeria weh their internet Dey crappy wan first other better countries start cashless policy..


God just separate this country abeg...

LocalStandard1:


I give you the honor, tell me one country that has banned cash transactions or limit it to this our upcoming extent.

I think about the average Nigerian, you guys think sentiment and bravado.

can the average Nigerian withdraw 20-20k cash every day? Awon Nigerians are hungry