davidluv:
I am reading comments above and laughing loud . When CBN issued the directive on currency swap that year, people were blabbing and clamoring. Many Nigerians supported agent Elrufai 001 of hell fire to fight the government and reverse the mopup policy. Tinubu will eventually settle for currency swap last last. Even if Emefiele is proven to be a thief, I believe that policy was spot on. Nigeria is badly damaged so in order to fix it, there must be ramifications we all have to put up with.

E be say that laugh suite you beta, cos your words no make ....
once the people get own of the new currency they starting hoarding again .. we keep going round in circles so how many times we go dey change currency
currency swap is a temporary measure for cash mop up but won't last if "distrust" issue between banking sectors and customers is not fully addressed, Cbn/banks need to profound policies & interest that will promote savings

Very simple, a result of Fintech Banks and POS plus Emefiele's policies.

Anoda propaganda probably to justify more printing of the Naira!

Let us tell you guz wat U don't know: TINUBU's economic & fiscal cum monetary trial & error began the moment Emefiele told him he would not like to work for or with him!

GanagiBitrus:

Nowadays I mostly do cashless transactions & so is the case with most Nigerians. So where is this report coming from?

Abi ooo, especially with the seamlessness of Opay I don't think I have paid more than 5k cash this year sef

And the rate of online transactions is increasing daily, so make we ask them whether na the politicians dey hoard the money sha

Indirectly saying they'll soon Ban POS .

Watch and see

GanagiBitrus:

Nowadays I mostly do cashless transactions & so is the case with most Nigerians. So where is this report coming from?

The cash is with POS agents mainly. POS cash is bought at end-of-day from market women, mallams and other micro retailers who don't take their proceeds to the banks anymore (ever since Buhari/Emefiele cashless disaster last year)

The money in my first bank savings account doesn't yield any interests no matter how much you have kept there?

What is the benefit of keeping your money in your bank account these days?

You now begin to realize the motivation behind Emefiele cashless policy and change of currency.

Carry huge amount go bank and explain how it got to your hand

fkelly:
Why wont people be hoarding cash when the government and banking sector have decided to make people suffer unnecessarily imagine atm dispensing only 5k in Benin, tell me why i shouldn't hoard the next cash i get?

You're lucky to see 5k. In my area, the ATM can't despense 1k talkless 5k. We now prefer to withdraw and deposit with the POS dealers.
You will go and queue to withdraw 5k and getting to your turn, no money again . Whereas, POS na sharp sharp.
I even learned that if you deposit from 500k as individual from 1st may, bank will charge 20% from the money. Wahala deyooo.

[quote author=GanagiBitrus post=129773036]
The CBN report is erroneous by accusing Nigerians of hoarding cash. The accusation should perhaps be directed specifically at PoS operators. [/quote
If you deposit money to p.o.s..is like deposit to bank...all p.o.s machine has account with bank ....

I explained it here


https://www.nairaland.com/8081414/nigerias-inflation-state-federal-governments

GanagiBitrus:

Nowadays I mostly do cashless transactions & so is the case with most Nigerians. So where is this report coming from?

Up north amongst merchants, the reverse is the case.

Abagworo:
Cash is old fashioned now. People transact mostly through electronics

Not in the North.

davidluv:
I am reading comments above and laughing loud . When CBN issued the directive on currency swap that year, people were blabbing and clamoring. Many Nigerians supported agent Elrufai 001 of hell fire to fight the government and reverse the mopup policy. Tinubu will eventually settle for currency swap last last. Even if Emefiele is proven to be a thief, I believe that policy was spot on. Nigeria is badly damaged so in order to fix it, there must be ramifications we all have to put up with.

Thumbs up man. We all suffered for it due to the actions of the cabals, but I still think that policy was in order.

U talk lik who does not see reality, is there bank in ur village, how many rural area have banks? How many banks currently load good amount on ATM or off the counter? Do u know dat even POS pple now buy cash from market pple who do cash base business?

Beautifulday:


Please stop this Emefiele rubbish. Naira is in POS hands. Why should there be POS when we have banks?

This monster will soon become another BDC demon.

Why wouldn’t they. Make the NIBSS or whatever it’s called . Financing and banking network more robust. Robust network and also insure that peoples money in banks are safe ( I hope it is) then people will trust the banking system more.
Encourage people to save increase the interest on saving.

Fujiyama:



Then the CBN crew might as well pack up their bags and go home.

Monetary policy is ineffective and guaranteed to fail when the bulk of the money supply is outside the banking system. How will the usual tools (open market operations etc.) work properly when banks just don't have the physical cash deposits in their own vaults or with the CBN?

Spot on!

Beautifulday:


Please stop this Emefiele rubbish. Naira is in POS hands. Why should there be POS when we have banks?

This monster will soon become another BDC demon.

The banks started pos business. Ever heard of firstmonie from firstbank

Let the CBN change the currency again to recover the money from circulation.. Emefiele brought the mess upon the land

theredaddy:




But that is totally Unsafe and Risky... should people go back to the eraof keeping cash @ home it might give rise to robbery

Imagine the mental stress that comes with carrying over 2m to go transact ... compared to just holding ur phone n transfer

On the long run hoard cash outside bank is not just detrimental to the economy it put percieved rich people in danger .. i don't see any benefit sef

Bro, people hoard currency still. Large transaction will be done in foreign currency. If we look beyond, this is even a recipe for hoarders to start hoarding hard currency.

Hoarding cash ... where is the money sef...many nigerians are broke..the purchasing power of nigerians has reduced due to the removal of fuel subsidy and the Tinubu bad economy..it's the politicians that are hoarding the dollars and cash in their houses

Failures in government..since 2015 blaming nigerians for their failures... nawaoooo

didymario7:


Up north amongst merchants, the reverse is the case.

That has always been that case, but there is improvement - many have embraced cashless transactions.

Jamie248:


The cash is with POS agents mainly. POS cash is bought at end-of-day from market women, mallams and other micro retailers who don't take their proceeds to the banks anymore (ever since Buhari/Emefiele cashless disaster last year)

Most businesses nowadays accept transfers, &so they don't really accumulate so much cash.
The main source of cash for PoS operators are Banks.

RockHard:
Ever since that disastrous Emefiele naira confiscation policy, a lot of people stopped trusting banks to keep their money safe for access whenever they need it.

Help me tell CBN, Emethiefele take our eyes see shege, so we have learnt from that horrible experience, also who wants to be frequenting the ineffective Banks ATMS in third hot sun. The only reason I put money in banks is to pay bills.

RockHard:
Ever since that disastrous Emefiele naira confiscation policy, a lot of people stopped trusting banks to keep their money safe for access whenever they need it.

The present government has not given anyone a reason to trust the banking system again. It's been more than a year since the Emefiele policy.

dre11:



https://thenationonlineng.net/nigerians-hoarding-94-percent-cash-says-cbn-report/

It's expected cos ur minimum wage can't feed/transport you for a week

dre11:



https://thenationonlineng.net/nigerians-hoarding-94-percent-cash-says-cbn-report/

another lie

dre11:



https://thenationonlineng.net/nigerians-hoarding-94-percent-cash-says-cbn-report/

we have also lost interest and stress in banks

But IS CASH NOT MONEY (or legal tender) again in Nigeria?
What is wrong with Nigeria?
Why can't people be left alone in peace in Nigeria?
Why must Nigeria governments turn Nigeria and Nigerians into the worlds biggest lab for mass control?
This thing is getting more and more ridiculous.
Leave the people the hell alone if you can't improve their lives!
You want them to hand you control of their lives so that you ruin it like you ruined everything?
Insult added to injury.

Beautifulday:


Please stop this Emefiele rubbish. Naira is in POS hands. Why should there be POS when we have banks?

This monster will soon become another BDC demon.

Were there not POS before cash confiscation policy of Emefiele? Was CBN crying during that time? No. During cashless policy, I had nothing less than 400k kept at home on standby which I didn't touch. Something I never thought about before cashless palaver.
POS people only serve to reduce the rate at which bank customers go to banks to withdraw. Whatever cash they withdraw or receive on daily basis, they also give it out to people/customers on daily basis. It is not like they are withdrawing cash everyday and keeping it

CrossRhodes:

I'm not from edo by the way, he isn't my tribesman nor from my region

Try again with another useless cap

Something definitely triggered you, you can deny as much as you like