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Nairaland Forum / Nairaland / General / Politics / Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents (15699 Views)
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Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:27am On Feb 07, 2023 |
ChangetheChange:how is he a correct man, if you see how people are moving from one pos to another still yet need cash, .......... If POS operators closed up, we will suffer more, it won't do us any Good |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by lexy2014: 2:28am On Feb 07, 2023 |
Coolsperm: Inasmuch as I agree with you that obaseki is confused, kindly clarify how Tinubu is the major cause of this problem? |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:28am On Feb 07, 2023 |
blowjohn:Thank you very much, pos operators are the reasons we are even seeing money to spend |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:29am On Feb 07, 2023 |
blowjohn:Den go to bank and withdraw, anybody force you go POS?? |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by lexy2014: 2:30am On Feb 07, 2023 |
blowjohn: What did bank staff do? How are bank staff "corrupt, selfish, stingy, greedy"? It seems you have a negative past or experience that is responsible or your outburst 1 Like |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:31am On Feb 07, 2023 |
Cheapgadget:Am just laughing at you, when they scap this POS, I pray problem that will make you looking for money should not come to you...... Na 2k bank dey give oooo |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:32am On Feb 07, 2023 |
Voiceofthestree:Go to your bank and withdraw 1 Like |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by lexy2014: 2:32am On Feb 07, 2023 |
Kizyte: First of all, which ATM did you see money? Where did you see anyone with 15 ATM Cards per person? |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:35am On Feb 07, 2023 |
lordprogress:you move around all the POS, you were told "No cash" what will you d0?? |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:39am On Feb 07, 2023 |
KushLyon:Is there no bank in that location |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:44am On Feb 07, 2023 |
collins2good:Yes it's high, when they frustrate them now, and dey drop their POS............. When will you get your cash from |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:47am On Feb 07, 2023 |
Nathaniel111:Thats what will happen ........ More suffering for the masses, Instead for them to tackle the main problem |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:50am On Feb 07, 2023 |
ezewealth: Exactly what happened to me, you will give them free, they will sell it for 300 2 Likes |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:52am On Feb 07, 2023 |
chimpad:Then you will suffer more |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by gaddafe(m): 2:53am On Feb 07, 2023 |
Kizyte: This is a lie. I can confirm this as I also run a POS business. I know it has happened in some places where one or two persons possess multiple ATM but this is not how POS get their cash. Stop spreading lies. POS get their money from the black market. Infact many POS are currently out of business as we speak. In most areas where you used to have 7 or 12 POS operators you now find out only one or two are operating and in some instances none. How many POS operators you think have that time to start using multiple ATM to queue in the bank? You think that is the only business most operates? When you buy 100k for 15k , how do you expect them to break even? I pray the Edo State task force is effective so you guys will understand what hardship is all about. 3 Likes |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:54am On Feb 07, 2023 |
AFONJACOW:And if POS operators goes under ground, the masses will suffer more, because no network |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by gaddafe(m): 3:12am On Feb 07, 2023 |
faceland: Go to your bank and make enquiry. It is usually free 1 Like |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by egopersonified(f): 4:10am On Feb 07, 2023 |
Have you raised tax force to checkmate filling stations selling fuel at N500? We never ready for this country. |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by egopersonified(f): 4:14am On Feb 07, 2023 |
gaddafe: Some Banks have one of their security men stand by the ATM to make sure you don't use more than one ATM card. A friend had to go to the ATM with her son for her to be able to withdraw 40k, 20k each. 1 Like |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by orisa37: 4:23am On Feb 07, 2023 |
They're E-MEFIELE ELECTRONIC NAIRA |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by Patriotic9ja(m): 5:46am On Feb 07, 2023 |
Pacesetter123: So annoying. Leaders without common sense |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by ezekins: 5:53am On Feb 07, 2023 |
Kizyte: You are one of those shifting blames. Pos agents are not your problem. Blame the cbn that hasn't circulated enough cash. Everyone needs cash for his or her business whether the person is pos agent or not. Have you noticed that Deposits are no longer coming to banks as it used to be? Even pos agents no longer getting Deposits as it used to be. Real pos agents don't rely on withdrawals from atm machines for their business if not for this scarcity of cash. Are you aware that some traders are refusing money transfers from potential buyers thereby increasing the demand for cash that is already scarce. Are you still are aware that some businesses and individuals who have collected cash from their customers, instead of depositing it at the banks, will refuse to do so, instead they will sell it to pos agents or other business establishments that need cash? Cash that the banks are loading at the atm machines are all coming from the cbn which is not even enough. Solution here is for the cbn to increase cash supply to banks to meet needs of Nigerians. The government, cbn has the statistical data of the amount of cash that Nigerians need but they have not met the demand. From my own analysis, the disadvantages this policy since it is not properly administered out weighs its advantages. The multiplier effects of this policy will result in jobs losses, high cost of running businesses, increase in inflation, naira trading, untold hardship, deaths and increased criminality. 2 Likes |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by SamOchuko: 5:53am On Feb 07, 2023 |
chisomkachy: You go set up? Nigeria politicians with “ I will “ oga set up the thing already, people are being frustrated already, they should begin with Evbhuku |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by obi58: 6:27am On Feb 07, 2023 |
Johnrake69: You're just a clown..... The reason for the whole new naira regime is to reduce Nigerian's overdependence on cash. Abroad people don't move about with much physical cash when 99% of their transactions are paid for by card or transfer. The demand for cash far exceeds supply that is why banks have difficulty in keeping their ATMs loaded. It is the same problem with the new notes. Yes there is politics involved in it without a doubt but the fundamentals are the same. Government wants more people to go cashless. Now even if you load 20m in your ATM POS agents are on standby to withdraw all the money. I hear that now they even pay multiple people to go to the ATM and withdraw on their behalf. In addition they also have multiple cards all in a bid to bypass the CBN restrictions. As a result an ATM that could have served 500 people will end up serving just 50 people meanwhile not enough deposits are coming in because people are hoarding their cash either to use themselves or to sell to pos agents who of course will sell at ridiculous rates to Nigerians who no dey hear word. Even major cash depositors like fuel stations are not allowed to go and deposit their monies at the bank at close of business because POS agents are there to buy their cash! Banks thus are put Inbetween a rock and a hard place of limited supply and unlimited demand for cash! If majority of small businesses start accepting transfers or get a POS for their business payments or get a QR code which a customer can scan and make payment, gradually demand for physical cash will reduce over time and with the reduction in demand, all those stockpiling their cash will release same into circulation. Things are difficult right now in some areas crazy sef but I believe we are on the right track. Government should allow this scarcity to remain until after election after which they can relax some controls. There should be an expansion of network capacity by banks to accommodate the increased transfers which is sure to occur to ensure more customer buy in, improved service and reduced transfer issues which is the major reason why people distrust transfers. Finally a task force should be setup to monitor cash pos operators to check their excesses and avoid over exploitation of the people. It's crazy for people to have to pay 1000 or 2000 naira to withdraw 10000 naira! |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by Geesaintagape: 6:50am On Feb 07, 2023 |
Simply suspend POS temporarily to reset their heads |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by Ayodeoba: 6:53am On Feb 07, 2023 |
abdul23:lol I am only trying to be considerate and also make sure you re not stranded because of cash, or how do you wants to share your money |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by blowjohn(m): 7:27am On Feb 07, 2023 |
lexy2014: Bank staff sell the money to the POS instead of giving it to them the normal way. Ur talking as if u don't know what's happening. PoS agents are buying 10k notes at 12k at least |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by KushLyon(m): 7:27am On Feb 07, 2023 |
electhnd: There are banks around but most of the ATMs are no longer dispensing cash by that time of the evening and the few that are still dispensing have a huge crowd around them |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by blowjohn(m): 7:29am On Feb 07, 2023 |
electhnd: What are u saying? Do u know the maximum u can withdraw in the bank?? Don't u know that the highest they can give u is 20k. Some banks even give only 10k. Be like say u no sabi wetin dey happen |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by KushLyon(m): 7:35am On Feb 07, 2023 |
obi58: We are not ready for a cashless economy. Since this whole new currency issue started, banks have been acting crazy and some bank apps don't even open at all. My debit cards haven't been working since for some days now and whenever I try to use a POS to pay, it get declined. As for bank transfer, a lot of businesses have started adding a fee to any transfer you do. I tried paying for something yesterday with bank transfer and the woman told me there's a fee of N100. We still have a very long way to go before we can embrace cashless economy, a lot of things have to be fixed first |
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by obi58: 8:06am On Feb 07, 2023 |
KushLyon: You are right but we must start somewhere. Truth be told the banks did not expand their network capacity in anticipation of increased card usage and mobile transfers with the advent of the Cashless policy. |
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