yemmit90:


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.

Exactly!

Too much limitations in this country. I might have to open account in Niger Republic or Ghana.

I can't even pay for a $5 subscription with my GTB Account. It took me one month to get ATM card from Zenith (because they want to frustrate us to not use our card). As if life is not hard enough, they are now controlling our sweat

Aurelius1:
Do you think kidnappers care about any CBN regulation? To them it's just 'Get the money or lose your life, choose one".

eventually they will have to stop , because the money will stop coming , they can't kill every body , they will need something to feed on and purchase more sophisticated weapons,

seunmsg:
This is a welcome development and a very good way to fight corruption. Most financial transactions will now be through the banking system and can therefore be effectively monitored. It will also become more difficult to pay ransom to kidnappers.

I support these measures in the interim. Let’s see how far we can go with the implementation.

We don't need your opinion. Keep shut.

Kadoso Mutairu aka seunmsg

Akinsete19:
Na to keep money for house, sure pass

Or open 10 accounts in 10 different banks.

faceland:
Too much limitations in this country. I might have to open account in Niger Republic or Ghana.

I can't even pay for a $5 subscription with my GTB Account. It took me one month to get ATM card from Zenith (because they want to frustrate us to not use our card). As if life is not hard enough, they are now controlling our sweat

you can pay up to $20 with your gtbank naira master card , so I don't know the type of card you are using

Rubbiish:

I don't think so
How many people even withdraw more than 20k daily via POS? Na between 5k to 10k vast majority dey withdraw. Above 20k withdrawal don't happen frequently and I don't think it is enough to shut down the business

And pos might prove more useful in the rural areas in the end
Well let us see how it plays out in the long run

TheKingIsHere:


Tinubu brought in the dullard and the dullard brought in Mr incompetent.

So, yes. Tinubu can be blamed for Emefiele's inconvenience and failure

You will be okay by 2023

Capernum:
To buy a bag of rice, you have to withdraw for two days. Lolllll

you don't need to withdraw to buy bag of rice , you can always make transfer

SmartyPants:
Wahala.

Though I support anti-cash measures, this one is extreme, as our systems are not fully mature.

50k would ave been much better.

For instance, my card has failed several times, while out on dates, so I always withdraw enough cash to cover the outing.

I believe we will grow from it.

Aboguede:



Broda, biko elaborate. I own 1 and I wan know

If you own one, time to padi with the cashiers and bank officials for smooth operation when the law goes into effect. Time to also know how to pay bribes to them over the counter also to get the treasured 1000 naira notes.

Omoapena:


Nope.
This is best time for their business...


They will have access for more cash through withdrawal form and people that needs more than 20k cash will have to goto POS to get the cash cuz ATM won't dispense it, so more money for POS investors...

That is if the withdrawal form gives them access to the treasured 1000 naira notes over the counter. Because if they withdraw 200 naira notes, the cash with them will be bulkier which is an attraction for armed robbers!

yemi1504:


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.

lmao .... Girls go look down on guy when him wallet full of 200naira notes lol....

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

Nothing is ever good for some of you... Nothing ... Well Jesus was crucified at last

Nice

Watcharena:
eventually they will have to stop , because the money will stop coming , they can't kill every body , they will need something to feed on and purchase more sophisticated weapons,

Abeg you are retarded.

Kidnappers that kill, rape and sell women to slavery would back off?

They would even ask to be paid in dollars.

CEwog91:
naira doesn't have any value. The policy is dead on arrival

this has nothing to do with value of naira in terms of complimention , you said the policy is dead on arrival , I can tell this for free no government policy is better implemented than banking policies , you are only a customer banks will not break cbn policy because of any customer , know this and know peace.I'm really happy with this policy , you don't need to carry cash about

faceland:


Abeg you are retarded.

Kidnappers that kill, rape and sell women to slavery would back off?

everything need financing when the money is not forth coming how will they keep up with it, even the dollar with the rate we are going , new policies everyday, value of naira dropping every day , time will come you will not be able to deposit or withdraw dollars in banks, the government may do this to save the naira and eliminate the black market rate

cyndylove64:
lmao .... Girls go look down on guy when him wallet full of 200naira notes lol....

linearity:



This policy is good, especially in Nigeria and will help fight corruption, yes there will be little inconveniences as you indicated, but look at the bright side…….you now have one more reason to give to your dates why you can’t spend BIG on your date nights!

You just gave me a smart idea. I have a date in a few weeks.

So Oshodi, Mushin etc market is like LA where you can buy pepper, rice, clothes etc with cash only. Nigeria is still grossly a cash economy where we buy most things with cash only. Don't compare incomparables.

RomanGreen:


Dude shut up, you're in LA where withdrawals above certain thresholds aren't allowed yet you calling nonsense here. Cashless policy is in full swing in advanced LA but you don't want it abi....bad belle

I don’t understand. Does it mean that if go to the mall to buy something you can’t pay with POS for articles above 20000 naira

This policy does not make sense,how do you pay for good and services if you can’t spend more than 20,000 on POS,this silly policy won’t see the light of
The day

MyFlair:
I don’t understand. Does it mean that if go to the mall to buy something you can’t pay with POS for articles above 20000 naira

It does not make sense,the policy will never come into effect otherwise Nigeria will shut down

yemmit90:


People will simply keep alot of cash at home, and there would be too much money in circulation. The policy doesn't make any sense to be honest.

200 or less denominations is more than ok to discourage heavy withdrawal. If I want to withdraw anything above 10k, I rarely patronize #500 ATM, let alone 200 or less.

Then the government will release a wave of planned armed robbery attacks (especially in low income neighborhoods) to put fear in your heart and force you to submit your money to the bank again…

Satazaa:
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

The policy can never come into effect,it make no sense

SmartyPants:
Wahala.

Though I support anti-cash measures, this one is extreme, as our systems are not fully mature.

50k would ave been much better.

For instance, my card has failed several times, while out on dates, so I always withdraw enough cash to cover the outing.

Bad news for your slay queens. You can not do more than 100k cash transaction per day. Internet banking is still open for you sha. I only hope network will not mess you up. There is a kind of mixed feelings here though. Just pulling your legs sha.

I still see a loophole in this policy...people are going to make large withdrawals as from the 15th of December till 8th of January next year...large cache of cash would be withdrawn from banks in that 3 weeks window

SmartyPants:
Wahala.

Though I support anti-cash measures, this one is extreme, as our systems are not fully mature.

50k would ave been much better.

For instance, my card has failed several times, while out on dates, so I always withdraw enough cash to cover the outing.

It won't be only you, the idea is that, if less naira is in circulation prices would drop, more like devaluation. So if you are to spend 5k at the restaurant for example, with this new policy you would spend 500 to 1k for same value but to get that 1k would not be as easy.

Payback to APC for not allowing EmefCBN to contess APC primary

Watcharena:
you can pay up to $20 with your gtbank naira master card , so I don't know the type of card you are using

That's what I thought.

$20 a month (even though they didn't tell before implementing that limit). Now you can't pay above $5 a day (they didn't tell us again before implementing this policy). CBN don't want to give them dollars.

Can you even find TV of 20k naira? What if those that didn't go to school? Now we must use transfer so they tax us?

I swear I need a foreign African account.

That is 3rd December and my first transaction since November because Zenith wouldn't give me ATM.

Googledotcom:
have you forgotten all your five bank accounts have same BVN ?

The 20k is per bank.

Not 20k for all your bank accounts.