₦airaland Forum

Superwave16320:
I tot your igboo tribesmen claim Adeosun killed the economy ? As una say u foolish una papa go hear am.

A pig will always remain a pig.

Ikea81:
Oga POS dey everywhere. Wetin your parents need more than 20k per day do.

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....

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

These are largely forestall vote buying.

SmartyPants:
It won't affect them much.

The vast majority of POS transactions are under 10k.

How will they(POS owners) get the cash?

Time to start POS business oo

Are you kidding me.

I support this policy

Earlystar698:
Operation kill pos

Majority of criminal operations are carried out via pos guys

Withdraw from different bank accounts. I have up to 5 accounts from different banks so I can easily withdraw 20k up to 5 times.

Artzdanielsz:
No be to keep cash for house be this.

Dollar will then fall as few naira will be in circulation. Shey b una Sabi hoard dollar? Make una go dey spend dollar for street

TheNiceGuy:
I feel uncomfortable reading this honestly. What the heck
20k daily

Let's see how fair this would.

The traffic on this thread is much. We're all directed touched by this

When una dey hoard dollar una no know

RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

Tinubu is not the reason for your poverty and misfortune, plug your brain before typing

Anonymoususher:
Buhari is the downfall of Tinubu.

The man is doing everything possible to frustrate Tinubu's chances of buying votes. He saw how Tinubu brought out bullion vans of cash to buy voted for him in 2019 and he doesn't want that.

First he signed electoral act and approved used of BVAS for election, Tinubu has been crying since then because it reduced his chances of rigging the election.

Next he introduced Naira redesigned which limits their vote buying power, he didn't stop at that he gave a very short deadline which prevents them from quickly changing enough old notes and now he has put a cap on daily withdrawal.

Buhari is Tinubu's kryptonite. He meant well for Nigeria but the cabals and the people that sponsored him hijacked his government. Now he has done two terms and has nothing to lose, now is the time to hand over Nigeria to the people but I am surprised that Tinubu is still parading himself as the president and not seeing the handwriting on the wall.

The game has changed. His only alternative now will be the use of violence and intimidation to keep opposition voters in doors

hahahahahaha

This must be playing
Nigeria whyyyyyyyyyyy

Hoelujohn:
Dollar will then fall as few naira will be in circulation. Shey b una Sabi hoard dollar? Make una go dey spend dollar for street

eggzactly...anything to make the naira stronger, I'm for it o. It will help in some way, but ultimately the transactions will also be by TRF. You TRF naira value to BDC, BDC give you physical dollars and vice versa.

Hoelujohn:
Dollar will then fall as few naira will be in circulation. Shey b una Sabi hoard dollar? Make una go dey spend dollar for street

Alaye people go pay the charge to get cash.

OboOlora:
Another one from Emefelie, undisputably the most useless CBN Gov the country ever had!

The man is doing his best.

Anyway, I will need to stock up on my body creams and hair things

It is okay Sha, but provisions should be made for people in extreme environments with tough terrains to have access via alternative money disbursement channel. Thumbs up, oya focus on micro and macro economy.

[quote author=lrman post=118950949]Did you read the part where they said even pos transaction is maximum of 20k per day?? How will you pay for product and services which are above 20k via pos ?? Or you will have to be making use of Bank transfer that delays or which some businesses do not even accept /quote]

utenwuson:
We going cashless......
People without money na dem go shout pass

with all these shitty bank apps

chaseblack:
How will they(POS owners) get the cash?

By withdrawing over the counter?

Austriaopen:
Crazy

Na #200 note all of una go see withdraw from the ATM henceforth and not more than #20000 a day and #100000 a week. Is this not madness?

pure undiluted madness

iwaeda:
APC is retrogressive,N20k /per day. If you like thumb print for APC again. What of those in rural areas.

You think APC is behind this? Nah! This is 100% Emefiele trying to punish politicians for denying him his political dream.

Tumokos:
Please does anyone have any idea on a past question that can be used for preparation specific to Generation safety ?

send a mail to geexclusive4@gmail.com


Though it comes with a little token

RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

I believe this statement,

oluwaseyi0:
There won't be too much cash in circulation as anyone having this old currency notes is same as not having money, getting the new note out as cash will be more cumbersome

Where will the heavy cash come from

Is like you don't get it. Every penny collected at ATM and OTC won't go back to the banks. People would rather hold for future purpose than returning it to banks.

Seriously, what's going on with CBN lately
What are they turning the country into?
20k? How is those pos guys going to cope?

temmyyem:
Very few can see the handwriting on the wall, it's not a Nigeria thing, it's global, bank branches are being closed, ATM machines going out of service and decommissioned. The digital prison of the one world system is being built and people are unaware of what is coming.

Flesh and blood did not reveal this to you....One world economy is not far from now.

PussyGalore:
The man is doing his best.
Anyway, I will need to stock up on my body creams and hair things

Take that pic down

yemmit90:
They will not as far as it does not affect electronic fransfer.

The implication of this policy is that, there would be too much money in circulation as people won't take their cash to the banks anymore. They would rather keep cash at home having known that they may unable to withdraw a certain amount if there is need for it. POS guys too will keep alot of cash instead of taking them to bank.

#200 or less denominations at ATM is more than enough to discourage heavy withdrawal. The policy will do more harm than good.

POS operators would suffer greatly. They need cash in order to make profits from withdrawals. Most of them withdraw about 100k per day from OTC or via ATM.

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

Worst policy ever! For people that withdraw from POS, we should be moving with a lot of cash notes or be paying multiple POS fees to withdraw small amount of notes? This is a very dumb idea! Well, I hope the people who voted in APC the second time are now seeing the consequences of their actions.

iwaeda:
APC is retrogressive,N20k /per day. If you like thumb print for APC again. What of those in rural areas.

Hahahahhahah