₦airaland Forum

I want to assume that most Nigerians are affected by the inefficiency of cash machines (ATMs) these days, especially since the proliferation of the point-of-sale (POS) business.

Indeed, it is worth commending that the apex bank (CBN) has decided to step in and address this unfortunate practice; at least, it is better late than never.

However, let us try to re-examine this problem. Perhaps ask some pertinent questions:
1. Can this sanction by the CBN deter the Nigerian banks and enforce compliance?
2. Was the sanction fair enough?
3. Are we nearing the age of a cash economy?

1. Can this sanction by the CBN deter the Nigerian banks and enforce compliance?
Banks generate cash through customers' deposits and CBN supplies. In 2023, the CBN introduced a new policy in a bid to curb vote buying, that policy created a scarcity of cash that had ripple effects on Nigerians. That policy birthed the hoarding of cash by Nigerians, it also saw the proliferation of POS business. It also discouraged people from going to the bank. Of what use? People ask? We got used to that lifestyle, we learned a new way of survival.

This new life for us, Nigerians, means that we no longer go to the bank to deposit money. I cannot remember the last time I did likewise many of us here. Now, POS agents now deal with the headache of sourcing cash from wherever they can, whenever they can, and in whatever condition they can. Why would an average Nigerian pay transport money or stress his/herself going to the bank, waste time in the queue just to deposit money when I can just tell a POS agent to come and collect the same cash from my house, credit my bank account with ease and still reward me? So, cash deposits are continuously declining and will continue to decline unless there is a serious reform that will force a change in our behavior again.

Now we are left with CBN supply banks with cash. Recently, we don't get to see bullion vans as often as we used to because of two main reasons. (1) Too many attacks and robberies. (2) Shortage of cash. Bank hobs don't even get supplies from the CBN so, they cannot supply to their branches like before.

From my analysis thus far, we can deduce that banks' actions are largely influenced by these external forces. In all honesty, this sanction will not solve the problem. What would likely happen now is that banks will learn to adjust and become smarter with their machines (ATM) such that the more we 'go the look, the less we go the see'. If banks have cash, they will load their machine for customers to withdraw because there are inherent risks of holding cash in a bank vault including the cost of insuring the cash in the vault.

2. Was the sanction fair enough? In many Western countries, do they have and operate POS business the way we do in Nigeria? Can people who have traveled far and wide shed more light on this? If the answer is NO as I assume, why does the CBN allow this to happen? Other countries have control over almost everything their citizens do including fixing interest rates and all that. Now I am thinking, shouldn't there be a uniform charge for all the POS operators? Why are they allowed to take advantage of our situation to milk us further? How can one be paying a whooping ₦2,000 or even more to withdraw ₦100,000? That is a staggering 2%. If there were a policy that unifies POS business and protects customers, maybe people would be less likely to venture into it. And maybe too, we would head back to the bulk rooms to deposit our our excess cash. Now to address the question: was the sanction fair? I think the CBN has a share of the blame.

3. Are we nearing the age of a cash economy? The answer is YES! Some of our people in other countries can attest to the fact that they rarely touch and spend cash for months; even years. e-₦aira is a very wonderful thought-out project. Almost every adult in Nigeria has a BVN. Almost every adult has an NIN. According to Statista (2023), 93% of Nigerians have mobile phones. Why do we all buy one, two, or even three phones? Because we have realized that mobile phone is a necessity. In the same way, the e-₦aira is redesigned and well packaged, becomes attractive, efficient, and secure, Nigerians would embrace it wholeheartedly. At the rate of technological breakthroughs, the world is rapidly heading to a generation of an entirely cashless society. There would come a time when countries would no longer print notes at all. Everything would become a digital currency. (https://www.statista.com/statistics/1454538/share-of-population-using-mobile-phones-in-nigeria-by-type/#:~:text=As%20of%202023%2C%2093%20percent,respectively%20in%20the%20same%20year.)

This is my take on this.

If Nigerian certificates are not useful outside the shores of Nigeria, how is it that thousands of Nigerians use their bachelor's degrees to secure admissions for post graduate studies outside? Why don't they go back to first degree programs?

Nigeria has complex problems we understand but Nigerians are very undeterred people. Our universities and certificates are useful anywhere in the world.

If we don't value ourselves no one will.

If Nigerian certificates are not useful outside the shores of Nigeria, how is it that thousands of Nigerians use their bachelor's degrees to secure admissions for post graduate studies outside? Why don't they go back to first degree programs?

Nigeria has complex problems we understand but Nigerians are very undeterred people. Our universities ane certificates are useful anywhere in the world.

If we don't value ourselves no one will.

Whoever falls from the same palm tree twice in a lifetime should know that the gods are not to blame.

This is my final take on the Nigerian matter.

Just go to any hospital. It should not involve too much expenses.

Hi,

May I emphasize that I am not an authority in medical profession. However I am speaking from personal experience.

This happened to my daughter in 2021 when she was about three years. Then we were worried just as you are today. We took her to a hospital and the doctor said it wasn't something to be worried about. The doctor said it could be reaction to something. He mentioned hard brush or using force to brush or perhaps reaction to medication.

I think the doctor gave her vitamin C and she was fine after some days.

May I advise that you can down and seek medical advice. I wish her quick recovery.

Hi,

I would like to mention that I am not an authority in medical practice. However, I am responding to your question based on personal experience.

My daughter who is now five (5) years old had this when she was two and half (2.5) years. It was exactly the same pattern. Then we were worried just like you are.

Just to cut long story short, we went to the hospital at Ogudu in Lagos. After examining her, the doctor said it wasn't something to be worried about. The doctor specifically said that she was reacting to some drugs. In reality she was having some medications then. Unfortunately I cannot recall the name of the medication that the doctor gave her then.

However, she had the medication and was okay.

Here is my advice, please calm down. Go to the hospital. It may be similar case with my daughter's or I may be wrong but it definitely will have a medical solution.

I pray for quick recovery.

It's such a shame that academic malpractice has gotten to this level in Nigeria.

The impunity to even advertise this unethical service that has a grave consequence is unbelievable.

You rewrite plagiarized work...you manually remove plagiarism...! You should cover your face in shame. You are such a disaster.

I remember an adage that says, 'those who dance surugede should know that it is the dance of the gods. The little reputation that our already battered educational system has is under serious attack. Sadly we are the attackers. When the world starts rejecting our certificates for lack of merit and malpractice, we shouldn't be mad at them. Things like this give a glaring evidence for our certificates to be questioned.

I call on the administrators of nairaland to disallow posts that promote corruption and put all Nigerians in bad light.

Our children and grandchildren will bear the consequences if we don't start know.

Hello Everyone,

This news about the Swedish sports federation purportedly The Government of Sweden approving sex as a sport is FALSE and misleading. For clarity's sake, the independent association was formed by Dragan Bratic. The founder has sent an application to the Swedish Sports Federation to allow his organization/body to be part of the National Sports Confederation.

Unfortunately, on Wednesday, the Swedish Sex Association's application was denied.

See the following URLs will for more details:
https://www.gp.se/sport/svenska-sexf%C3%B6rbundet-nobbas-av-riksidrottsf%C3%B6rbundet-1.98053698
https://newschecker.in/fact-check/false-information-to-tarnish-sweden-says-countrys-top-sports-body-on-reports-of-sweden-declaring-sex-as-a-sport

chatinent:
This agency should minus discharged persons and tell us the actually number of those who contracted the virus remaining; this statistics is complicating everything like it's never depleting.

Mathematically, number of recovered persons (51 + 7) with number of deaths subtracted from (288) total confirmed cases = active cases.

That is 288 - (51 + 7) = 230.

Thanks be to God if really the man has fully recovered.

However, there are mixed ups that require clarifications.

The index case of the Covid-19 was hitherto reportedly quarantined in Lagos as reported by the Nigeria Health Minister, how is it that Ogun State Governor is the one now giving update of this magnitude.

Secondly, why is it a threat to Ogun state as reported by the governor when the man in question is supposedly in Lagos.

Thirdly, was there another case that Nigerians were not informed for any reason?

Reflecting at these concerns begging for clarifications, one is but worried as to the authenticity of the whole reportage.

ijustdey:
https://www.dailytrust.com.ng/coronavirus-italian-patient-fully-recovered-to-be-discharged-soon.html

Thanks be to God if really the man has fully recovered.

However, there are mixed ups that require clarifications.

The index case of the Covid-19 was hitherto reportedly quarantined in Lagos as reported by the Nigeria Health Minister, how is it that Ogun State Governor is the one now giving update of this magnitude.

Secondly, why is it a threat to Ogun state as reported by the governor when the man in question is supposedly in Lagos.

Thirdly, was there another case that Nigerians were not informed for any reason?

Reflecting at these concerns begging for clarifications, one is but worried as to the authenticity of the whole reportage. [color=#006600][/color]

Nigeria is a complete failed state. The things that happen in Nigeria are complete opposite of things that happen in rest of the world.

My bigger concern is the availability of the meter and how long customers would have to wait after payment.

I was hoping to see facts and figures evidencing their petition. Well, everyone has right to fair hearing unfortunately matters of this sort ought to be decided by the Tribunal rather.

Imo is a very peculiar State when it comes to election. I would love to see how this matter turns out.