sureheaven:
Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.
The western world are using cashless policy and is even better and good for prompt transactions .
It reduces excessive spending.
Allow minimization of fiscal expenditure .
In America , the least u can withdraw on the atm a day is $400 cash.
While ur other transactions is based on cashless transfer of transactions. Though u are entitled to come the other day and withdraw again, it will not go beyond same $400.
In all, there will be no development and advancement if we still retard ourselves with the old method of doing things in Nigeria.
Those in Diaspora understand what i am saying.
May God Help us in Nigeria.

aaronson:
That's true Sha, Many Nigerians don't make transactions up to 500k daily. Only the few big shots. CHEAP DEAL on a Lexus down my signature. CHEAP DEAL on a Lexus down my signature.

cenaman:
NIGERIA amaka, BUHARI amaka, APC amaka, CBN amaka, NAIRA amaka.

sureheaven:
Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.
The western world are using cashless policy and is even better and good for prompt transactions .
It reduces excessive spending.
Allow minimization of fiscal expenditure .
In America , the least u can withdraw on the atm a day is $400 cash.
While ur other transactions is based on cashless transfer of transactions. Though u are entitled to come the other day and withdraw again, it will not go beyond same $400.
In all, there will be no development and advancement if we still retard ourselves with the old method of doing things in Nigeria.
Those in Diaspora understand what i am saying.
May God Help us in Nigeria.

Legitn:
What does cc means

mrvitalis:

If u can understand why they are doing that then u would likely be poor forever

sureheaven:
Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.
The western world are using cashless policy and is even better and good for prompt transactions .
It reduces excessive spending.
Allow minimization of fiscal expenditure .
In America , the least u can withdraw on the atm a day is $400 cash.
While ur other transactions is based on cashless transfer of transactions. Though u are entitled to come the other day and withdraw again, it will not go beyond same $400.
In all, there will be no development and advancement if we still retard ourselves with the old method of doing things in Nigeria.
Those in Diaspora understand what i am saying.
May God Help us in Nigeria.

Jestin:
Only waiting for when Naira will equal the dollars rate

professorMD1:
I see this policy as another fight to steal for the rich and give to the masses

Dave0116:
This guys aren't even ashamed to tell us after their useless policies upon policies only less than 10% of Nigerians have access to 500k.... and after implementation what will they do with the generated revenue from this policy and that of VAT increment?? enough looting spree and 2023 I guess..... Naija don cast

Jestin:
Only waiting for when Naira will equal the dollars rate

hush15:


That is not true. Filling stations and businesses generally would suffer....

xtivin:

Well, you've used the US as a case study, you also forgot their inflation rate is 1.7% while ours is 12.09%. You cant compare US and Nigeria on any Economic Policy pls. In the US,they have all the mechanisms in proper control and most populace a digitally literate. now, you expect a typical Business Man or Woman to spend extra 5% to buy goods worth 500k?. This policy is good but our economy is not ready for it now.

sureheaven:
Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.
The western world are using cashless policy and is even better and good for prompt transactions .
It reduces excessive spending.
Allow minimization of fiscal expenditure .
In America , the least u can withdraw on the atm a day is $400 cash.
While ur other transactions is based on cashless transfer of transactions. Though u are entitled to come the other day and withdraw again, it will not go beyond same $400.
In all, there will be no development and advancement if we still retard ourselves with the old method of doing things in Nigeria.
Those in Diaspora understand what i am saying.
May God Help us in Nigeria.

aaronson:
That's true Sha, Many Nigerians don't make transactions up to 500k daily. Only the few big shots. CHEAP DEAL on a Lexus down my signature. CHEAP DEAL on a Lexus down my signature.

cenaman:
They are space booker.

Highlights1:
The Central Bank of Nigeria on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.

The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting.

He said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to 10 per of bank customers would be affected.

The apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgements of amounts above N500, 000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees on withdrawals and three processing fee on lodgements of amounts above N3m.

The House of Representatives had on Thursday through a resolution directed the apex bank to suspend the policy.

But responding to the development, Emefiele said if the Nigerian economy was to compete effectively with those of developed countries, a payment system that encourages the use of non-cash channels was desirable.

He said that before the cashless policy was first inaugurated in 2012, a lot of stakeholder engagements were done to sensitise Nigerians on its benefits.

He said the policy was suspended in 2014 to allow more payment channels to be developed by Deposit Money Banks.

The governor said that since the policy was suspended, currency management cost had continued to increase year-on-year at an average annual growth rate of 33 per cent.

However, he said the bank had continued to provide alternative channels, adding that people had embraced it.

He said Point of Sale transactions had moved from N48bn in 2012 to N2.2tn while electronic transfer had moved from N3.8tn in 2012 to N80.46tn in 2018.

Emefiele said, “Since the policy was first launched, currency management costs have continued to increase year-on-year at an average annual growth rate of 33 per cent.

“Notwithstanding, electronic transactions have increased within the economy. We have provided alternative channels and people have embraced it.

“This is a strategic timing of these actions because on Monday, September 23rd, the mutual evaluation by GIABA (Inter-governmental Action Group Against Money Laundering in West Africa) on the country’s anti-money laundry and CFT (Combating Financing of Terrorism) regime will begin.

“Passing the mutual evaluation positions Nigeria as a safe and credible destination for financial transactions across the world.

“GIABA will be in Nigeria to access the rate at which Nigeria has embraced anti-money laundry and CFT regime. It is important that we display and show to them that Nigeria is indeed in conformity with their practices as enshrined in their anti-money laundry and CFA laws.”

The apex bank boss said if the CBN did not implement the cashless policy, credit cards owned by Nigerians might not be used abroad.

On the Value Added Tax, he said the MPC supported the decision of the Federal Government to increase the rate from five per cent to 7.5 per cent.

He said with Nigeria having one of the lowest VAT rate in the world, and faced with fiscal challenge, the best way to shore up revenue was to increase tax.

He said, “The MPC endorsed the increase in the VAT rate from five per cent to 7.5 per cent. The government has the responsibility to fend for everybody.

“In fending for everybody means that it has to spend money to provide infrastructure – roads, airports, different things that will improve the lives of its people.

SOURCE: https://okfiscal.com/cashless-policy-will-only-affect-10-of-nigerians/

islandmoon:
all we are saying is implement it in Fulani territories also, you can not collect tax from us alone , herdsmen are the one burying cash in the bush , educate them, they are dragging the nation backward, cattlemen are controlling billions of naira in cash transactions, find a way to tax them