₦airaland Forum

cyndylove64:
am telling
I always make sure I use 1000ATM ... Thinking of 20k withdrawal in 200 denomination....omo I can't...I hate such notes

Me too. I don't even know which man's wallet can hold such 20k in 200 naira denominations SMH. Na to dey keep am for house na e remain! SMH.

jefdr001:
Nice one. I totally support this. Imagine situation where only one individual will keep people waiting on ATM queue because he is withdrawing over 150k and holding 2 or more cards like someone going to buy cow in the hinterlands. The truth is you don't really need more than 5k cash in the wallet at any given time because everything can be paid for online or card transaction.

What about the illiterate traders and artisans how do they cope.?

BennyDGreat:
Does 20k look like a reasonable threshold...you sef reason am...the policy will summersault....what can 20k buy you in the market....shey na yam seller u go dey do transfer to or pepper seller...

You dey reason that guy!

lrman:
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 ??

This is an opportunity for those that sees it that way rather than problem.

Give this policy 10 new set of billionaires will emerge for people that see opportunity than challenges

Honestly, almost d end of pos,... I know people will say Politicians but this affects us all

Ayodeoba:
Pos business about to crash. Omo January go turf o

Mrfksb1:
How about old people? I live in LA how will my aged parents withdraw when I send cash to them? Please I need some answers


What kinda of shithole country is this for God sake making people suffering unnecessary

I really pity those living in Nigeria

old people can withdraw 100k per week is ok for them if na 2 of them that 200k per week . Noise Maker

Everyone thinks the POS operators will be worse hit, but the sector that will cry the most at the people in the entertainment industry, no more spraying of notes that some of our senseless party goers will be stepping on, again kidnappers are in for a hard time, equally our nomadic Fulani people will be the worst hit

Aurelius1:
What about the illiterate traders and artisans how do they cope.?

they will go and transfer into the bank .

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

Foolish APC, how much food stuffs can 20k purchase a day, demented Party.

kunkelhanspeter:
The unnecessary deductions is too much each time you withdraw bank will charge, pos agent will charge. You will never notice it till you change your balance and minus the kobos

I swear down bro
They keep deducting and will never send u alert for all of that....
I don keep them one side first

babyfaceafrica:
They will

How? Did you read where over the counter withdrawal was pegged at 100k per week? Where are they going to get the cash to keep the business running?

knowhowk:
POS that have strong Financial stand ot has a connection with bank Officials would make it now..


Say U have like 3 Million Naira Cash .
And when you exhaust it ,you put a call to the bank Officer ,u go in withdraw cash and leave no quieing up ..

Cool Business .

You can say that again! A lot of bribing of bank officials especially the cashiers will happen under this new regime to get the treasured 1000 naira notes not in the ATMs.

EvangDrGeo:
How can I get Locum jobs your country?
I am a Medical Doctor here in Nigeria. I desire a better environment to work because I really suffered financially during medical school, but I have no connections

coming to LA is easy since you're a medical practitioner

Googledotcom:
Firstly people won't be able to move large cash about and kidnappers would find it really tough to get huge monies as ransom.


Kidnapped victims would be given a long period to pay up due to the withdrawal limit and this will notify the security personnel that something fishy is going on.

Do you think kidnappers care about any CBN regulation? To them it's just 'Get the money or lose your life, choose one".

olisefom:
Which kain country is this?

The country is on its way to greatness. They should have implemented this policy since.

If someone steals huge billions in govt parastatal, how will such person move the money?

I'm excited about this policy

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 guys don't take money to the bank because withdrawal always outway deposits. Now they also pegged OTC withdrawals to 100k per week. Where are POS guys going to see money?

I know someone that withdraws nothing less than 2m per week to run his POS business. Where's that 1.9m going to come from?

yemi1504:
That is another question but it looks like it is a Yes in the affirmative o. This is the worst policy I have ever seen in my entire life!

How?

BennyDGreat:
People carry cash for fast transactions knowing the bank networks are not reliable.
I was somewhere today and a man had to leave in a hurry as they couldn't confirm his transfer.
He will have to come back tomorrow to pick up his goods when payment has been confirmed...stress

You see that!

Trojan8:
POS guys don't take money to the bank because withdrawal always outway deposits. Now they also pegged OTC withdrawals to 100k per week. Where are POS guys going to see money?

I know someone that withdraws nothing less than 2m per week to run his POS business. Where's that 1.9m going to come from?

We don't need POS business again when you can safely transfer your money to whoever as it is done abroad that you so much love

timefarm:
This will only discourage people from ising banking system more and keep their money at home.

Unfortunately, more business for armed robbers.

You can say that again bro!

Jack500:
Tinubu is not the reason for your poverty and misfortune, plug your brain before typing

Hahahaha, unlike you I'm quite comfortable and independent not like you that depends on crumbs falling from Bourdilon....urchins cry me a river, your tears are so sweet

[left][/left]

yemi1504:
You see that!

Pos debits your ATM bank account without creditting the POS business man account. He won't disburse the money, and you will go to your bank to complain

We can't allow all these small hiccups to stop the implementation of a lofty policy

Haba! FG is really becoming more aggressive about the cashless policy.

Watcharena:
Don't call Nigeria sht hole because of this policy, we are not the first and this will not make us even among the first 20 countries will lowest cash in circulation , check how Hongkong ,Sweden, Finland etc are doing it , this is the first step toward attaining a cashless economy, Sanusi lamido has been singing this long time ago before they tied him down in kano in the name of traditional title , if we had started during his time by now we could have achieved 10,000 daily withdrawal limit

naira doesn't have any value. The policy is dead on arrival

lrman:
So what if you go to a shop to buy a product with price of more than 20k..?? That means you cannot pay via pos unless you use a bank transfer ??smh..

This is the part that is confusing to me.

macaranta:
This will stifle economic growth. Imagine the countless man hours that will be lost trying to say for instance pay artisans at a work site.

the likes of Hongkong and Sweden are growing with such policies , how will it tie us down here , it will just force every one to level up

nairamaniac:
Did you read and understand number 5 at all?

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

Meaning the TOTAL MAXIMUM WITHDRAWAL VIA POS would be 20k daily.

Not 10k per person as you seem to have misunderstood.

Don't be a clown.

The max withdrawal via pos per individual is 20k

This is good news to stingy boyfriends and husbands. Time for excuses upon excuses..

This is a tough decision oooooo but we will go through it by the grace of God

SmartyPants:
By withdrawing over the counter?

And bribing the cashiers for 1000 naira notes denominations?

For this xmas again