₦airaland Forum

Validated:
Oga, stop complaining, you all want a better country but do not accept what makes for better society. Naira is not your property, it is CBN property which they allowed you to hold. If you like, you can make your money in cedis or rupees, that is your business. However, you must abide by CBN rule if you must use Naira.

You're wrong naira is not CBN's property. It only controls the volume of money (naira) supply by making regulatory policies in the economy in order to ensure monetary and price stability (Ideal mandate).

The new CBN cashless policy is a clear violation of your right to earn and spend your money. You're right, no one should dictate to you how you should spend your money and the amount to spend since it is your money. But then this is Nigeria were it seem anything goes under Buhari's government. I've read reactions of Nigerians and listened to some government officials applaud the CBN cash withdrawal policy as a good one and I wonder on what premise is it good to violate people's right to access and spend cash?

Many people are saying that this new policy will combat vote buying in the next election and insecurity. I laugh because the last time I checked it is not CBN's job to combat vote buying or insecurity. One will ask what is the job of INEC, EFCC, ICPC, Police and our other security outfits? (The CBN is not INEC neither is it a department of the Nigerian police force)

How can CBN under the leadership of Emefiele implement such an intrusive policy without consulting with Nigerians and without the input of the national assembly?

Nigerians should reject this evil policy and urge the national assembly to reverse it. This policy will only benefit the banks (Charge more transaction fees and implement predatory policies), the ruling party (APC) and Emefiele the CBN governor (It was revealed in 2021 that Emefiele registered as an APC member).

The CBN cashless policy is bad for Nigeria and will hurt the economy. If you want to know more see why CBN Cashless Policy Is Bad For Nigeria here -
https://www.nairaland.com/7474034/why-cbn-cashless-policy-bad

See why CBN cashless policy is bad for Nigeria -
https://www.nairaland.com/7474034/why-cbn-cashless-policy-bad

Why CBN cashless policy is bad for Nigeria see https://www.nairaland.com/7474034/why-cbn-cashless-policy-bad

Latest update see https://www.premiumtimesng.com/news/headlines/570507-senate-asks-cbn-to-reconsider-cash-withdrawal-policy.html

National assembly should stop beating around the bush and reverse the CBN policy. Nigerians need to wake up to the fact that Emefiele is an APC member (https://punchng.com/apc-chairman-confirms-emefieles-membership-says-cbn-gov-registered-feb-2021/) and doesn't have interest of the masses. If nothing is done to stop this, then we are witnessing the gradual removal of our rights and dignity.

It is obvious that many Nigerians are yet to come to terms with the negative implication of CBN cashless policy as senate fails to summon Emefiele -
https://punchng.com/cash-withdrawal-senate-fails-to-grill-cbn-chiefs

Nigerians need to reject this evil policy and pressure national assembly as a matter of urgency to reverse it.

Here is link to CBN new cashless directive https://www.vanguardngr.com/2022/12/breaking-cbn-reduces-cash-withdrawals-to-n100k-n500k-per-week-for-individuals-companies/

Why CBN cashless policy is bad for Nigeria see https://www.nairaland.com/7474034/why-cbn-cashless-policy-bad

On December 6, 2022, the Central Bank of Nigeria (CBN) issued a new directive to banks and other financial institutions to reduce cash transactions in the country. According to the letter it sent to banks, the new order will reduce withdrawals at ATMs and POS terminals to ₦‎20,000 ($27) daily.

The news sparked several reactions from Nigerians. While some expressed their displeasure, citing the need for more cash transactions as the country lacks digital penetration, others feel limiting cash transactions will help the dying currency.

What Is a Cashless Society?
A cashless society is one where cash—paper and coin currency—isn't used for financial transactions. Instead, all transactions are electronic, using debit or credit cards or payment services like Paystack, Flutterwave, PayPal and Apple Pay.

There are several reasons why CBN cashless policy, and a cashless society more broadly, are a bad idea.

BAD FOR PRIVACY
When you pay cash, there is no middleman; you pay, you receive goods or services — end of story. When a middleman becomes part of the transaction, that middleman often gets to learn about the transaction — and under our weak privacy laws, has a lot of leeway to use that information as it sees fit.

It is important to note that electronic payments aren't as private as cash payments. You might trust the organizations (Banks and online payment services) that handle your data, and you might have nothing to hide. However, the more information you have floating around online, the more likely it is to wind up in malicious hands. Cash allows you to spend money and receive funds anonymously.

HACKING RISKS
Hackers are the bank robbers and muggers of the electronic world. In a cashless society, you're more exposed to hackers. If you are targeted and somebody drains your account, you may not have any alternative ways to spend money. Even if you're protected under the law, it will still be inconvenient to restore your financial standing after a data breach.

BAD FOR BUSINESSES
Business owners pay roughly 2-3% of every transaction to the card companies and banks, which can be a significant “tax,” especially on low-margin businesses. With the POS/online payments processing sector dominated by an oligopoly of 2-3 companies, there is not enough competition to keep these “transaction fees” low. Big companies have the leverage to negotiate lower fees, but small business owners are out of luck, and the amount that they pay to the credit card companies is often greater than their profit. If this CBN cashless policies are allowed to become widespread, that will harm the many small business owners who either discourage or flat-out refuse to accept electronic payments due to these fees.

If in future, society is forced to choose only electronic payment methods, or if one financial app becomes the standard payment app, the companies who develop these services might not offer them for free. Payment processors may cash in on the high volumes by imposing outrageous fees, which would eliminate the savings that should come from less cash handling to businesses.

BAD FOR THE ECONOMY
Participation in a cashless society presumes a level of financial stability and enmeshment in bureaucratic financial systems that many people simply do not possess. Opening a bank account requires an ID, which many people living in rural areas and elderly people lack, as well as other documents such as a utility bill or other proof of address, which the homeless lack, and which generally create bureaucratic barriers to participating in electronic payment networks. Banks also charge fees that can be significant for people living on the economic margins.

Unless special outreach efforts are made, the poor and unbanked will likely have an even harder time in a cashless society. If smartphone purchases and electronic payments become the standard way to transact, for example, those who can't afford smartphones will be left behind.

TECHNOLOGY PROBLEMS
The frequent nationwide outage of electronic payment systems like bank ATMs and online transfers that occurs on weekends leading to many bank customers unable to make purchases — except those who had cash is a reminder that electronic payments systems can mean centralized points of failure — not just technical failures, but also security failures. As mentioned earlier, a cashless society would also leave people more susceptible to economic failure on an individual basis: if a hacker, bureaucratic error, or natural disaster shuts a consumer out of their bank account, the lack of a cash option would leave them with no alternatives.

TEMPTATION TO OVERSPEND
When you spend with cash, you recognize the financial impact by physically taking the cash out of your pocket and giving it to someone else. With electronic payments, it's easy to swipe, tap, or click a button without noticing how much you spend. Consumers may have to rethink the ways they manage their spending and this can cause a negative effect on families.

NEGATIVE INTEREST RATES
When all money is electronic, negative interest rates could have a more direct effect on consumers.

According to the International Monetary Fund, negative interest rates reduce bank profitability, and banks could be tempted to hike fees on customers to make up that deficit. Banks are limited in their ability to pass on those costs because customers can simply withdraw their cash from the bank if they don't like the fees. In the future, if customers can't withdraw cash from the bank, they will have no way to guard against additional bank fees and predatory policies (Financial Prison).

THE ARGUMENT
Proponents of non-cash payment systems point to one of the biggest downsides of cash: the risk of loss or theft. I agree that security risk of cash is real, and we're certainly not going to tell anybody they should always use cash, especially for large purchases. That said, the security considerations of cash are not one-sided. The harms that can result from electronic payments like privacy invasions (abuses, profiling, embarrassment, financial losses, etc.) should also be included in the concept of “financial security,” properly conceived. Electronic payment networks have security risks that cash does not; ask anybody who has experienced identity theft and was forced to wrangle with a nightmare mix of credit card companies, debt collectors, credit scoring agencies, and others.

CONCLUSION
The bottom line is that the technocratic “dream” of a cashless society is a vision in which we discard what is left of the anonymity that has characterized urban life since the dawn of modernity, and our freedom from the power of centralized companies like banks. Doing without cash may be convenient at times, but if in future we lose cash as an option, we’re going to regret it.

NNPC limited..... the joke is on Nigerians. Regarding PIA, since you claim to know more. Please tell us what you know....

Bleiz:
This article reeks of misinformation.

I think it will do you lots of good to peruse the recently signed PIA.

When you do this, you can then come back and rewrite ur article.

You can't have an opinion from the point of total ignorance

You've made no point. You're free to believe official narrative that earth is spinning ball without doing your own research.

Ekejoestar:
After drinking pammy laced with loud and action bitters, someone will come online and start typing rubbish.

Ndi mmadu sef.

Between 1969-1972 NASA, the American National Aeronautics and Space Administration, allegedly flew 6 successful manned missions to the Moon where they did everything from playing golf, to speeding around in a dune buggy, to receiving a live phone call From President Nixon. In reality, when examined in-depth with a critical eye however, these staged events are found to be nothing but a monumental hoax perpetrated upon a gullible and unsuspecting public. In the video below Eric exposes how NASA faked the moon missions. Click the link below to watch.

https://www.bitchute.com/video/joNLiRUIV0M0/


Shape Of The Earth
It has been taught in schools and every where that the earth is a globe (Round ball) but what if you the earth is an infinite flat plane, a flat plane with a dome or something else? It is true that apart from the heliocentric model, there is no other generally accepted astronomical model as regards the earth, space and the planets. In the videos provided below, Eric makes a case regarding the flat earth model and exposes NASA deceptive lies.


https://www.youtube.com/watch?v=a7pd-TH-grI

Also watch


https://www.youtube.com/watch?v=CMzZrQc_eXI



https://www.youtube.com/watch?v=BjV02VwfTwA


Please feel free to share with other people.

Goddey18:
Buhari is a curse to Nigeria and Nigerians. He has destroyed virtually everything in the country. He will be remembered for all the wrong reasons.
He used this to campaign against Atiku only for him to now so the same thing. This is Hypocrisy of the highest order.

It is glaring that Buhari and his government is not sincere on the issue of privatizing NNPC. Who are the shareholders of NNPC limited?

Nigerian National Petroleum Company Limited! What about it? What does it mean? I've been wondering what this new private company is all about. What was the expected nature of NNPC before now? Is it a public company for the enrichment of private people or for public employment and income generation?

Buhari unveiled NNPC limited earlier this month (I think 20th July) in a shady ceremony were it was announced that NNPC will also stop making any remittances to FAAC see https://punchng.com/buhari-unveils-nnpc-limited-agency-halts-faac-remittances/

One wonders what then will happen to the proceeds made from selling our oil.... Has Buhari finally sold NNPC a national asset to himself and his cronies?

Over the years, NNPC as a corporation managed unproductive refineries but maintained full complimentary workforce on its payroll. It was the public company that derives joy in importing refined fuel while exporting crude oil at the detriment of the economy. It is one of the very few public companies that refused to be accountable to anyone, even the government that set it up. One of the few public companies that were not part of the treasury single account and the government department that, when sneezes, the other ministries catch cold. The public outfit that has hoodwinked everybody such that those who should know better and call to question the wrongdoings of the company or cooperation are in total silence or submission. When did the National Assembly pass the bill to allow NNPC a national asset to go private? Was there a public debate? Were the accounts of NNPC ever audited with public presentation as expected?

Since 1999, we have earned more than N150trn from oil in the last 22 years. That is far more than what was earned between 1960 and 1998, yet no single refinery built, no new power plants built, no new dams built, no new steel industry, and no new mechanised farmlands can be identified. New global technology has unleashed new opportunities into the global economy while Nigeria continues to wallow in old technology as a way of engaging in repairs of old refineries in the name of turn-around maintenance that turn the lives of individuals into billionaires and the nation into poverty trap.

The Chief Executive Officer of the new NNPC Limited and erstwhile General Manager of the NNPC of old explained that the new company would be smarter, more responsive and accountable and will act within the premises of all regulations guarding private enterprises. It will be managed to meet global standards of best practice in terms of governance. Now you will ask, what was the former NNPC supposed to do and why did they not do it? It is obvious that the agenda to sell the business to themselves has been kept away from the public. The existing refineries are already out of service and ought to have been sold out while building new ones but they kept on spending money to turn "themselves" around. It is obvious the NNPC management knew what to do but they had a different agenda. The agenda is to make the business look moribund and sell as scrap to the same management and their friends (cronies).

A country like Nigeria needs a developmental state economy which is a model of capitalism often referred to as state development capitalism. A developmental state is characterised by the existence of strong state intervention, as well as extensive regulation and planning. Also, if we are talking about inclusive growth, one of the elements is state participation in the economy. When a group of people privatise government property, it has no more positive meaning in economics than arm-twisting and magomago.

The National Assembly should revert NNPC Limited to its former status. Those who want to be part of the petroleum industry should establish their own with their funds. Each country has strategic industries based on strategic resource endowment and military armaments industry. The NNPC is one of Nigeria’s strategic industries and cannot be taken over by some individuals. If anyone or group is interested in the oil industry, they should follow the path of Dangote and establish the same with their funds. How do we allow Nigeria to be run like personal property and unleash poverty on the people of a resource endowed nation? What this means is that some people can just take our refineries and its other fixed assets, liquid assets, particularly financial assets and human resources and convert them to private property? Let us know the names of the shareholders. Is it a joke or voodoo affairs?

The state governments seem not to know their rights because whatever is earned by the NNPC should go to the federation account for sharing, not for the company to keep and spend as if the funds belong to it. There should be auditing of the accounts and all backlogs of funds belonging to the state should be refunded. The whole management of the NNPC Limited should be sacked for mismanaging the corporation, even when they know what should be done. The Nigerian people, supported by civil societies in the areas of transparency and accountability and the labour unions, should revolt against this injustice to the Nigerian state. Again, if anyone or group of people want to own business, they should do so with their funds not by appropriating our commonwealth. This unholy transformation should be halted now!

You're free to register NIN but it should not be forced on people. The fact that Pantami, Buhari and his government are forcing this on Nigerians should raise questions on their true motives. The government is known both locally and international for anti people policies. Do you think NIN will solve Nigeria's insecurity when the real terrorists are in government?

samunaka:
My friend go and link up your Sim card and stop harassing people on the road

I had provided links to buttress my point but your response is laced with sentiments and lacks substance. You said I've no case but can you answer with sincerity that you trust this government with your data seeing questionable characters in Buhari's government?

Remember earlier this year news went viral that the NIN database was attacked/hacked.

falcon01:
That's a load of bullshit! You have no case.

Do you believe that bandits and terrorists are affected by NIN? I doubt. We have so many measures in place already to identify Nigerians like Driver license, National ID Cards, BVN, Sim registration. In my opinion, NIN program is an evil agenda because the true sinister objective here is linking it to all public services, enforcing central control on the masses (Beast system) and advancing their Islamic agenda. They are only using insecurity as an excuse. You need to be naive to believe that boko haram and other terrorist / kidnapping activities will end once NIN program is implemented. If the government is serious about insecurity, people like Pantami should have no business holding any government position. From all indications the terrorists you're running away from are the ones implementing NIN.

ALMUSTAQIM:
WE HAVE OBSERVED THAT BANDITS AND THEIR SPONSORS HAVE BEEN COMPLAINING AND COMPLAINING AND COMPLAINING OVER THE NIN-SIM LINKAGE

GOD BLESS NIGERIA

It is unfortunate your resort to abuse and personal attacks shows you lack decorum to engage constructively in public discuss.

CoronaVirusPro:
Damn!

Your dumbness is extreme!

I am certain you are a Lords chosen Member

Where you brew all this rubbish from?

As in, what part of your body did you use to reason what you composed, cos it’s definitely not from brain.

Sometime in 2021, I had warned Nigerians on several platforms including Nairaland about NIN program, its true purpose and evil Buhari's government agenda for Nigerians. I received insults and was ridiculed by some members of this forum. Back then, I told Nigerians that the evil government will use this to deny them services and now you can see what is happening, people's phone numbers blocked and forced to get the evil NIN number before they can access services and even with what is happening, it is still glaring that many Nigerians are still sleeping.

Nigerians should be vigilant and resist any policies that will enslave and further take away their freedom. If nothing is done to stop this, the evil government will execute the plan of linking NIN to not only phone numbers but all public services as part of a plan to create the beast system (fascist totalitarian state) and advance their Islamic agenda of total control. This program in the future will be used to track / control you and also make it easy to deny you public services when you do or say anything the evil government don't like.

The key to advancing the evil NIN program is to create high level of insecurity in the country. A case of problem, reaction, solution. They create a problem (Insecurity) and then once there is a reaction, they implement their evil agendas which includes the NIN program.

NIN program is also a DNA harvesting scheme and it seem to be tied into COVID-19 agenda. An experiment which shows that some of those who took the COVID-19 vaccine may have been chipped can be found in the link below

https://www.nairaland.com/7047562/exposed-why-covid-19-vaccine-bad

See https://www.vanguardngr.com/2020/08/fg-dumps-plastic-national-identity-card-for-digital-identification/

See https://www.biometricupdate.com/202008/nigerias-national-biometric-id-proposed-to-go-digital-add-dna

NIN number that is tied to you can be used to track and deny you services when the evil government unveil it's true purpose (You can see it happening already) and also can be used by the "Terrorists" in the evil Buhari's government to advance their Islamic fulani agenda (Pantami, the man currently in charge of this evil agenda has been exposed to be linked to Terrorists see https://www.theafricareport.com/83029/nigeria-after-pantami-are-there-more-closet-extremists-in-government/) . You will lose your right to protest bad polices or criticize the government in future.

If nothing is done to stop it, then it is only a matter of time. May God the creator of heaven and earth deliver and protect his people.

You need to try the experiment.

MMWandali:
I don't know who to believe

Propaganda here and there
Mischiefs
Controversy

We tire for everything

On how many people have op successfully tested this?

It has been exposed that COVID-19 vaccine contains some kind of Bluetooth transmitter chip. It may sound funny but recent tests on vaccinated people seem to proof this. If you doubt this I will show you how to detect the chip on the vaccinate (Note that this was an exposure made on a blog and I decided to share here).

The test will require a Android phone with Bluetooth capability. If you've an Android phone that has Bluetooth, you will need to enable developer options, open the link to learn about how to do it.

https://www.samsung.com/uk/support/mobile-devices/how-do-i-turn-on-the-developer-options-menu-on-my-samsung-galaxy-device/

Once you enable developer options you then need to enable "Show Bluetooth devices without names" option in the developer options settings page. Open link below for details


https://www.youtube.com/watch?v=Lc1qHYjhN68

Once you've enabled "Show Bluetooth devices without names" you can proceed to activate your phone Bluetooth. Once Bluetooth is active, you can experiment by going to an isolated place where there is no other Bluetooth signal with a vaccinated person. You may notice that your phone Bluetooth will pickup a signal been emitted by the COVID-19 vaccinated person on your phone Bluetooth search result, this will appear as a strange IP address. Feel free to test it and share your result on this thread.

I recommend people stay away from COVID-19 vaccine.