alabi484:


Depends on location bro.
I know a POS guy that does between 300k to 500k withdrawals on normal days and close to 1m withdrawals on good days (usually salary payment week) excluding deposits.

How that kain person go survive?

Yes, those ones may get affected. But for areas like mine with POS operators situated poles apart, the effect may not tell much on them.

Rizin:


What is normal in Nigeria is 100naira as charge per 10000naira. Now it's 400k will give a return of 4k as gain for a whole week.
So a POS agent will make 4k weekly and 16k monthly. U have not subtracted the cost for transportation to and from the bank and cost of data for the month. Cost of recharging the battery of the machine.
Haba. Those guys will need minimum of 1m weekly to stay in the business. Else they will charge more which will be bad for the economy.

Well, from experience most POS transactions are below 10k, so they may get as little as N100 to as much as N10,000 for a 10k transaction. Sure their net earnings will tank, but it should still be enough to keep them in business.

Iqtest:

Stop lying no bank in america give you $10k without federal requirement.

What about mexican banks? Do they give any Loan above $2,000?
A Mexican friend appears clueless about that.

POS operators are the worst hit

BubblingB:


I pray your parents don't have emergency or projects to do that is if you have one

My parents know how to transfer. There is no limit on that. Go teach your parents how to do a simple transfer. The country wey you dey, person dey withdraw 100,000 dollars daily. Yeye

BennyDGreat:


Some old folks do bulk purchase... ordinary soap and toiletries don reach 15k....not to talk of other stuff like foodstuff that they can buy at once since it's all in the same area....

They can transfer or use ussd. My mother at 80 does that

Ikea81:


They can transfer or use ussd. My mother at 80 does that

The old folks who love to do direct transfer or ussd are very few...

emmyN:


It's not speculations. There is another policy coming that would see us using one ATM card across all banks. You should have heard about it.

I haven't heard about it, I'll appreciate if you can share a link

seunmsg:
Why exactly do people need like N20million cash outside that cannot be tracked by the banking system? Why do we like fighting every measures put in place by government to fight corruption? Why are we like this?

This restriction is less than N20m. It starts from 20,000.

Seun:
What will people use to buy it, though?

They transfer a higher amount to an individual's bank account to get cash from them.

Seun:
This restriction is less than N20m. It starts from 20,000.

Please, I can't edit my profile. Why is this happening?

Citizens still never go get sense

Cbn has increased the limit.
I think it's better now

Tundex911:
Citizens still never go get sense

Rizin:
Cbn want to create black market for naira notes.
This will definitely spring up. People selling naira notes at higher values.

I remember when I made this comment that people started to criticize it as if it's a prophesy which you have to claim or disclaim.

Unfortunately it has come to pass and I never envisaged that it will reach to the point that people will have to pay up to 1500 naira to get 10,000 naira..

If I was a prophet, I would have recorded this as one of my prophecies that came to pass. Maybe I would have had new members.🏃🏃🏃🏃🏃🏃🏃🏃