Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,134,212 members, 7,746,624 topics. Date: Saturday, 24 February 2024 at 09:39 AM

Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! (12183 Views)

Cashless Policy Will Only Affect 10% Of Nigerians / Polaris Bank's Notice Of Cashless Policy Implementation / CBN Suspends New Cashless Policy (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by coolcharm(m): 6:43am On Mar 19, 2017
I woke up to an e-mail from my bank this morning, notifying me of the Nationwide Implementation of Cashless Policy.

After going through the mail, and studying the charges imposed on daily cash deposits and withdrawals, I felt Not this time!

This doesn't look good. As a nation, we are quick to adopt and implement pro government policies but sluggishly slow in considering pro people polices.

I understand this rates do not apply on electronic bank transfers, but it is too harsh!

Who takes the percentage? What will it be used for?

6 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by veekid(m): 7:32am On Mar 19, 2017

Buhari sef

1 Like

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Kovic08(m): 7:32am On Mar 19, 2017
cheesy
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Flexherbal(m): 7:32am On Mar 19, 2017
They should be careful, as this is a delicate time in Nigeria.

4 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Ngasky(m): 7:33am On Mar 19, 2017
This policy is double edged sword. Pay for deposits and also pay for withdrawal.
I supposed the government wants to encourage cashless society but no nation can exist without money.
The withdrawal charges are somehow understandable but deposits? It baffles me.
Imagine a market trader who was lucky to have a transaction of 1.3 million during the day decided to deposit the money with the bank later in the day and you ask him to forfeit about 20000 you are sending him away from the bank.
I supposed what people need to do is to open at least 20 bank accounts with different banks so as to avoid these charges.
Secondly, who will benefit from these charges? The banks or the government? If it is the government it is somehow understandable but if it is the bank this is a NO NO policy. I dont want the bank to benefit any extra deductions apart from their stupid multiple ambiguous wording charges they are currently charguing with their poorly services and dismal customer service

39 Likes 1 Share

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by ebby9z(m): 7:33am On Mar 19, 2017
Hmmm
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by dessz(m): 7:33am On Mar 19, 2017
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber. grin

126 Likes 6 Shares

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by iceberylin(m): 7:34am On Mar 19, 2017
This will eradicate stealing a bit. You dont expect the government to calmly ask Nigerians to use cashless poly. They need to impose a Tax to achieve it.

2 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by searchng4love: 7:34am On Mar 19, 2017
Nice one! It should be implemented to the letter.

2 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by DirtyGold: 7:35am On Mar 19, 2017
I disagree with you OP.
what do you need such huge amounts of money in CASH for?

**modified**
yemmit90:


What is this one saying for God sake!

For instance, there was a day i wanted to tranfer some money to a company(very urgent through Diamond bank), only for me to be told the damn thing would materialized after 24 hours.
What is wrong with this one?
If you are ignorant enough not to know that you should go to the bank early enough (before noon) to effect interbank transfers, you deserve the penalty! And what's more, if you can't be patient for the 24 hrs and can afford to risk moving so much money from one location to another, then you shouldn't complain about single digit fees as a strong big boy that you are. angry

charlsecy:
So you were lucky to make sales worth N1.2 million, and you would be charged N14,000 for taking it to the bank for deposit?
If you run a business where you can "be lucky enough to" earn N1million+ in a single day, I don't see why your business shouldn't have a corporate account where the daily free limit is N3 million !

What's tha business?

19 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by lilfreezy: 7:35am On Mar 19, 2017
All Bankers are bandits - - PABLO ESCOBAR

2 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Amirullaha(m): 7:35am On Mar 19, 2017
Booked
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Nobody: 7:35am On Mar 19, 2017
..

dis people have come again with their stupid policies

this cbn dude needs a brain reset
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Nobody: 7:35am On Mar 19, 2017
This is not good
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by awoo47: 7:35am On Mar 19, 2017
So i cannot keep money in my account without deduction. Issokay d ground is more faithful dan dose useless bank angry angry angry sad

4 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Nobody: 7:36am On Mar 19, 2017
You didn't give the reasons why the policy is bad.

What are you doing with so much cash on a daily basis?

5 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by searchng4love: 7:36am On Mar 19, 2017
Cajetanspeaks:
This is not good
y?
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Nobody: 7:38am On Mar 19, 2017
coolcharm:
I woke up to an e-mail from my bank this morning, notifying me of the Nationwide Implementation of Cashless Policy.

After going through the mail, and studying the charges imposed on daily cash deposits and withdrawals, I felt Not this time!

This doesn't look good. As a nation, we are quick to adopt and implement pro government policies but sluggishly slow in considering pro people polices.

I understand this rates do not apply on electronic bank transfers, but it is too harsh!

Who takes the percentage? What will it be used for?

It costs money to process cash.

Those who bear the cost of processing the cash take the charges. It costs money to print, transport, store, count and handle currencies.

Use of cash also tend to encourage corruption and crime like robberies. Use of cash creates the need to look for change or round up prices of goods and services. Let's support this cashless policy. It's good for all of us.

Use electronic transfers or cheques if you want to dodge the charges or do transactions that are lower than the limits. You have other payment options.

I don't see any big deal here.

25 Likes 3 Shares

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by damola1: 7:39am On Mar 19, 2017
thought it's sanusi that did this almost 3years ago, only to take over now.
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by mykelmeezy: 7:39am On Mar 19, 2017
sai baba

i keep saying it


the biggest problem of this government is lies


in turn the insensitivity of the government


its good measure bad timing



you don't save money to pay school fees when doctor refuse to treat a child in icu because no deposit has been made



this policy are supposed to be eased into the systen and not shoved down the throat

we know its a good move


but now isnt the time
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Nutase: 7:42am On Mar 19, 2017
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Senorprinz(m): 7:42am On Mar 19, 2017
maybe you should just go back to bed
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Nobody: 7:42am On Mar 19, 2017
For real...
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by budusky05(m): 7:42am On Mar 19, 2017
OP the benefit a far better than ur worries, why do u have to run around carrying millions in cash attracting attention. Don't forget one of the aim is to cub money laundering, crime, and protect our currency.

2 Likes

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by Boss13: 7:42am On Mar 19, 2017
What are you doing with so much cash? I think there is need to cut cash out of our system. The benefits are much. Monies can easily be trailed. Criminals would be scared.

If I'm CBN governor, the minimum deposit/withdrawal would be N50,000, plus there would be a cash forfeiture act enabling the police to seize any large sum of cash and consider it a proceed of crime.

5 Likes 1 Share

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by MrGreenMavro: 7:43am On Mar 19, 2017
y
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by baba11(m): 7:44am On Mar 19, 2017
dessz:
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber. grin
ROFL grin
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by yahmohy27: 7:44am On Mar 19, 2017
Evaberry:
..

dis people have come again with their stupid policies

this cbn dude needs a brain reset
What is stupid about it now ? Its ok jo
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by helinues: 7:45am On Mar 19, 2017
I stopped using my credit card 7 months ago. Imagine having 130k in your account and you are able to withdraw 110k while the rest went for charges.. That is daylight robbery..

Any one outside Nigeria still using his credit card?
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by budusky05(m): 7:46am On Mar 19, 2017
mykelmeezy:
sai baba

i keep saying it


the biggest problem of this government is lies


in turn the insensitivity of the government


its good measure bad timing



you don't save money to pay school fees when doctor refuse to treat a child in icu because no deposit has been made



this policy are supposed to be eased into the systen and not shoved down the throat

we know its a good move


but now isnt the time

When best could that be? Lagos And Port Harcourt been on it since 2013.
What do someone need millions of physical cash for?

1 Like

Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by yemmit90: 7:47am On Mar 19, 2017
DirtyGold:
I disagree with you OP.
what do you need such huge amounts of money in CASH for?

What's tha business?

What is this one saying for God sake!

For instance, there was a day i wanted to tranfer some money to a company(very urgent through Diamond bank), only for me to be told the damn thing would materialized after 24 hours.
Re: Cbn's Cashless Policy: An Insensitive Move At The Wrong Time! by mykelmeezy: 7:48am On Mar 19, 2017
budusky05:


When best could that be? Lagos And Port Harcourt been on it since 2013.
What do someone need millions of fiscal cash for?



keyword eased



what does the cattle rearer in zamfara know about going cashless



reasons like this is why people still keep money in holes


a cow Should cost abt 100k or more

now consider those who buy cow during Muslim festivals .....do you think most of them will pay via banking


.so having cash suits most of this people rather than mitb

1 Like

(1) (2) (3) (Reply)

10 Ordinary People Who Made Their Millions Fron Youtube / Naira4dollar Won't Refund Me / Banks Dollar Sale Falls As Naira Weakens To 1,479/Dollar

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 30
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.