juniorstar:

This will stop ppl from using the banks..ppl go begin bury money and carry Ghana must go everywhere. Robbers go have a filled day I pity business ppl who do business with lump sum of cash.. so after close of business day I go bank go deposit 5m but if I wan withdraw same to restock na 100 abi 500k u wan give me no be juju be dat. Make ppl begin use stable coin ooh.

What are you withdrawing 5M in Cash for ?

CBN is becoming very useless. The naira is fast becoming a worthless piece of paper with each passing day. Our online banking portals are not even working up to standards, with numerous cases of request time out when making transfers. The CBN can't think of ways to set standards to maintain for each electronic banking portal or think of ways to mitigate inflation that is soaring every day. Yet you want to force your useless cashless policy down my throat. Motor engine knock, but na tire wey less dey border u. Ewu CBN.

Seefinish:
Is it not when you have enough you save?
Under Buhari nobody is saving any money. Collect your salary on Monday by Tuesday's evening nothing is either in your wallet or in the bank

Is the salary paid in cash or deposited into your bank account,
If bank account when you opt for withdrawals of your funds above the maximum widrawal limit you'll now be charged 5 to 10 percent for processing.
Then the elites stealing government funds can pay the processing fees with ease.
Hope you are seeing what this is doing to an average man

Obidient4life2:
As long as people can transfer any sum and deposit any sum, this should not be a challenge. Perhaps it's time to embrace online banking.

Your head get oyel
What should follow, or perhaps supposed to have been in place, policies like these is very strong cyber security and mobile infrastructure to carry the heavy weight this will bring
Fun fact... Nigeria's financial system is among top ten globally and Germany is said to have been understudying us. Not everything is bad about Naija

ElSudani:
Some people will always kick against a policy no matter how good it is.

How is the policy good? Take for example, how much gain do you expect a POS operator to make on a weekly basis when he is compelled to withdraw N100,000 weekly for his/her business (gain on 100k is not more than 2k). Not to talk about market women that goes to farm/village market, how will she pay those farmers that never had phone for bank transaction and never own a bank account? Taking into consideration the rate of inflation in the country that the so-called N100,000 cannot buy 10 basket of tomato. This means that market women would be compelled to keep their cash in the house instead of banks thereby increasing the chances of theft or burglary by armed robbers.

juniorstar:

This will stop ppl from using the banks..ppl go begin bury money and carry Ghana must go everywhere. Robbers go have a filled day I pity business ppl who do business with lump sum of cash.. so after close of business day I go bank go deposit 5m but if I wan withdraw same to restock na 100 abi 500k u wan give me no be juju be dat. Make ppl begin use stable coin ooh.

That is what they are saying.
You cannot have 5m cash at the close of business. Most of your payments will come to you as transfers. 500 and 1k go scare.Infact, they will not be in ATM anymore. Shee nah 200 naira go reach the 5m at the close of business in a single day?

slivertongue:
this hurried policy aint inclusive. rural folks &d urban poor will now revert to transacting in cash &keeping cash

How does this policy in anyway affect the poor? Do the poor withdraw 100k in a week?

Obidient4life2:
As long as people can transfer any sum and deposit any sum, this should not be a challenge. Perhaps it's time to embrace online banking.

Nigerians fond of withdrawing money to make payments are still living in the stone age.

PureMe01:
Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

Saint you never thief before

Na to keep my money for house. Who bank help?

Okhuadams:
Saint you never thief before

I never thief before. Yes! So is this why you are supporting thiefnubuu. So all of Una agbado urchins na thief? Nice one. We now know where u are coming from.

slivertongue:
this hurried policy aint inclusive. rural folks &d urban poor will now revert to transacting in cash &keeping cash

I don't think it's a hurried policy, CBN has always talked about going cashless...

Which is why they proposed the Naira redesign first then this..

The redesign would bring all the money back to the banks, and this withdrawal limit would keep the money at the bank...

PureMe01:
Omo Buhari is checkmating thiefnubuu all round. I mean all-round
And I'm suspecting Osibanjo's hand in this game against thiefnubuu too.

First BVAs
2nd Naira redesign...cashless policy and withdrawal limits

It's over for Thiefnubuu. Huge disgrace loading....

Every policy is to checkmate Tinubu Sha don't hang yourself in February when Tinubu win

The best decision at the right time. Kudos to Emefiele on this one, if anyone is not okay with it. There is a solution to everything, just dig ground and keep ur money there. Shikena

joyandfaith:


How would it affect common people and small business owners? It wouldn't affect iya sukurat who sells boli and groundnut.

If It's Sukura for instance have to pay medical bills and get drugs for a relative who is sick in the hospital and she doesn't do mobile transfer as she could be using a palasa phone but has an ATM and the bills is almost 170k, how would she do it without paying extra and if she has only that amount in her bank account?

I don't know why we Nigerian don't behave like learned people; cash withdrawal limit is it a problem?
If you want do transactions, do transfer, those complaining are corrupt politicians, drug traffickers etc

Holybaddo:
They should look for another way of solving this economy issue
This plan of theirs isn't favoring in anyway

Some people accept only cash no cash no business
This will affect business men both those in higher chain down to those on low of the lowest in a negative way.

Besides this gives a higher chance for hackers and thieves to cart away people hard earned money

Eg me prefer cash to cash transactions I hardly do transfer nor accept it

Nigeria is to risky for all this online transactions.

I feel you.
But there is nothing like some people only accept cash, no cash no business.

Is there any business man/woman who will be happy seeing money slip away from his/her grasp basically because he/she is not compliant with the recent development.

See, the most constant thing in life is change.

Is it going to affect us all, YES.
Is it going to be easy, NO.
But can we adapt to the change, YES.
Though it's going to be gradual.
Is it Possible, YES.

This is a step in the right direction, in my own opinion.


Come to think of the bright side.
Unlike before when someone has access to your ATM card and is able to wipe out your balance in a single day, this policy is going to make it difficult.
Highest they withdraw 100k which is the limit per day.
Before they are able to withdraw another 100k, you must have found your way to the bank. And if they by any means use transfer, then that makes it easy for them to be tracked.

Change management is not easy, but when it stays, we are all going to like it.

My own be say, there should not be a backdoor way for the high and mighty in the society.
This is the only thing we should be pushing for.

Peace.

Obidient4life2:
As long as people can transfer any sum and deposit any sum, this should not be a challenge. Perhaps it's time to embrace online banking.

Have you gone to buy goods at village markets before or living start and end in the city?

You think the Mallam Audu I want to buy Paddy rice from, who doesn't even have a bank account will accept transfers?

PureMe01:


I never thief before. Yes! So is this why you are supporting thiefnubuu. So all of Una agbado urchins na thief? Nice one. We now know where u are coming from.

You lie I no how many times then catch you

They might as well switch to a payment platform like they use in China

sunray:


How many rural or urban poor has 100k in their bank account?
We destroy every policy with good intentions with our crass opportunity. In many countries, I did not see where citizens turn POS system to cash collection centres supported by banking institutions.

What sort of myopic thinking is this? Some of you only know corporate lifestyle, but will comment on rural living?

So the Fulani man you want to buy 2 cows from will accept bank transfer or you don't know the worth of a cow?

The new policy on limitation of withdrawal of Naira: will increase commission charged on Mobile money( momo) for Nigerian students in countries like Cameroon and Benin ( for example) who need bulk money to pay fees since they cannot pay directly into bank accounts of the school now unlike withdrawing money and depositing it into the school's bank at no extra cost.... It will affect paying for rent by cash for landlords that insist on that ( and deadline may be near) and if they pay via mobile money, they pay commissions. Exchange rate to cfa is 1 to 1 and added commission, so it is getting worse. People: Traders N students will be on queue to receive money from limited exchangers( especially Cameroon) who have banks in Nigeria and wants to get money from them as the exchanger too needs money for his personal use and he is acting as a person NOT as a corporate body rendering such valuable service.

* Please, before taking decisions on e naira matters try consider those Nigerians outside Nigeria... Including those who come into Nigeria after a long while, probably without BVN etc and can't do much monetarily while in Nigeria before going back. These ones should be able to get free Debit/ credit cards which they can easily load from POS shops( speaking also for foreigners who want to manage to come to Nigeria for tourism, despite security challenges.

* Let ALL petty traders have access to free or cheap POS machines for those in Nigeria.

*CBN boss should be thinking out of the box not just following whatever his 'bosses' tell him.

iLoveYouToo:
The CBN has been tryin so hard to implement a cashless policy, we need to shape up. The world is leaving us behind. Even our security operative who’s the most anachronistic man I know now does transfers via is basic phone. Why are we so averse to change? Why are we so obsessed with carrying loads of physical cash?

Do you know how many unbanked rural traders there are?

You guys make everything look like it's all about life in the city.

joyandfaith:


Economic problems need to be solved using multi-prong approach. New CBN policy is one of them. Monetary policy. Government at all levels need to work on fiscal policy.

You haven't answered the question...How does this cashless policy solve Nigeria's economic problems as outlined by NECA?

Someone was asking what do people need 100k cash for well i don't blame truth is he has never seen such money in his or her life before so it becoming a problem for him or her

What can 100k even get someone in this hard economy? Something wey u carry enter market buy rice and other things e don finish

CheapHomes1:


You haven't answered the question...How does this cashless policy solve Nigeria's economic problems as outlined by NECA?

Economic problems need to be solved using multi-prong approach. New CBN policy is one of them. Monetary policy. Government at all levels need to work on fiscal policy.

We urge the CBN and indeed, the Federal Government to replicate the energy and promptness used in implementing this policy to address the issues of dwindling value of the Naira, rising inflation, oil theft, ballooning foreign debt, and get millions out of poverty realm.

Some problems can only be solved by fiscal policy and other measures. If you are not satisfied, ask your economic teacher.

Well as an Economist
Its not a bad idea ...
. It will help cobdown inflation and also money laundering to some stretch

The issue is how many people know how to trasact online is there any support for them

For business men and women its still the same transaction but it has to be online

I will implore the CBN to bring out more teaching support to help people from the rural area

We will surely get it right one day

joyandfaith:


Economic problems need to be solved using multi-prong approach. New CBN policy is one of them. Monetary policy. Government at all levels need to work on fiscal policy.

How does this cashless policy solve Nigeria's economic problems as outlined by NECA?

Also more money for the Bank Directors
We discuss the charges few days ago at chevron with a friend ..... its just too high

But we should always bring out solutions when one is not working for us all ....

Please get your PVc ready

Luckysbab:


Do you know how many unbanked rural traders there are?

You guys make everything look like it's all about life in the city.

We have to start from somewhere. Trust me I know the challenges of financial inclusion

It's quite obvious Mr President; Muhammadu Buhari, a man so loved by the Average Northerner is sending a message on who to vote for in 2023....Mr President knew Tinubu & Atiku poses a great Risk to themselves, Nigerians & the West!
He is firing from all cylinders just to checkmate these old, crafty politicians1
You think Buhari doesn't know, Emiefele is the only employee he can rely on this key period! Tinubu & Atiku tried through their various surrogates posing as Minister, to convince Buhari to fire Dr Emiefele! Especially the Minister for Finance......they all failed. Buhari might be everything, but he doesn't hate Nigerians, this i know.

My question is Muhammadu Buhari who live frugally while out of power, suddenly became a frail, sick man months after he was sworn in.
If i were to advise Buhari Children, i will advise them to commission Bigkoko To find out who poisoned their dad, what substance was used, when it was done and who did it! We have the necessary contacts to give them these information. Also, who bankrolled pastor Reno Omkri to harass their dad during the hey days of his health challenges; our president! Our Findings will be made public so anyone can contest it in courts or anywhere!

More upsets awaits these old grandpas!

Ofunaofu:


https://www.vanguardngr.com/2022/12/our-problems-with-n100-000-weekly-withdrawal-limit-neca/

Small thing una go begin compare una self to developed countries, do u guys have the facilities and structures to make that possible, because u guys believe it's targeted at a particular politician it's a great idea, it will affect u and me on a long run, our banking systems are week when it's comes to protecting banking transactions.

iLoveYouToo:
The CBN has been tryin so hard to implement a cashless policy, we need to shape up. The world is leaving us behind. Even our security operative who’s the most anachronistic man I know now does transfers via is basic phone. Why are we so averse to change? Why are we so obsessed with carrying loads of physical cash?