₦airaland Forum

yemmit90:
They will get alot of cash from people. Remember people are already being discourage from making huge payments over the counter, individuals with cash will approach them to make transfers, especially those with huge cash.

Remember there would be too much money in circulation. Let me use myself as example, whenever I knew I won't be going to where ATM is, and I don't want to use POS, I make sure I withdraw enough Cash that would lasted me till next time I feel I can go to the area. Now that the daily limit is 20k, do you think I will withdraw less than this amount? Do you think if I have like 200k with me, and I will need money soon, the next thing I will do is to take it to bank where I won't be able to withdraw the same amount at once?

The policy is good if they stick to 200 denominations or less on ATM than setting a daily limit at 20k.

Besides, CBN should completely stop printing 1000 and 500 notes. Let people spend 200 down to 5 naira. Naira lost its value as a result of these higher denominations. People don't even value 50 naira anymore Let alone 20 or less.

Remember you only have between today and 9th Dec to withdraw as much as you want. What happens say, in 2weeks time? when no one can withdraw more than 20k per day? And mind you that the POS guys must have also exhausted the huge cash given to them.
And then, there is that necessity of POS operators discarding old naira notes for new ones.

tdayoojo:
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.

Indeed. i'm a little happy sef.

Paxxcarl:
Pos might be going out of business
Cashless policy

True

utenwuson:
read again..... Cashless, only transfer for money above the 20k
Pos will still transfer for you, just can't withdraw for you above 20k

And you can't read when I said what if what you are paying for is more than the 20k ...

It is talking about POS cash withdrawal per card, you can transfer any amount via same POS.

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 ??

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

emiefele is the most useless cbn governor nigeria ever had,this will only bring hardship to the poor masses,the rich will still continue to have their ways

Akwamkpuruamu:
Now, how will POS guys survive? This is not fair to the common man

The policy is unfair, but as Nigerians, man gotta ne smart. POS guys should just open at least 5 separate bank accounts with separate banks. That way, they can beat the withdrawal limit.

Must you pay for it in cash?

lrman:
And you can't read when I said what if what you are paying for is more than the 20k ...

Ventura1:
It is talking about POS cash withdrawal per card, you can transfer any amount via same POS.

Oh you mean one can simply put their ATM card inside the POS machine and then do bank transfer with the POS Machine??

Ventura1:
Must you pay for it in cash?

That is why I believe I should be able to pay for it via POS which is instant..and I do not need to use cash..

ozil123:
The policy is unfair, but as Nigerians, man gotta ne smart. POS guys should just open at least 5 separate bank accounts with separate banks. That way, they can beat the withdrawal limit.

but before you can withdraw,you will series of documents, except that charges will increases

Absolutely, the limit does not affect that. You can carry out transaction in millions.

lrman:
Oh you mean one can simply put their ATM card inside the POS machine and then do bank transfer with the POS Machine??

Pos vendors will be using transfer

Folawealth090:
As someone said already increase number of accounts discreetly 3 bank accounts = 60k daily limit / 300k weekly.

What if they use bvn to restrict it

AquaPetals:
Remember you only have between today and 9th Dec to withdraw as much as you want. What happens say, in 2weeks time? when no one can withdraw more than 20k per day? And mind you that the POS guys must have also exhausted the huge cash given to them.
And then, there is that necessity of POS operators discarding old naira notes for new ones.

Will banks stop withdrawal of daily limit?

People will just withdrawal continuously(even when not needed) and save at home for future especially those that wanted huge cash in future. It is as simple as ABC

And as result of this, there would be excess in some people physical savings that they will need to pay to someone or something, this is where POS guys will get huge cash to sustain their business.

When you send, send the 5% charge if it's above the stretch hold. Moreover, if you send 1m, send 60k as the penalty fee which will be 50k.. 10k for miscellaneous

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 shithole country is this for God sake making people suffering unnecessary

I really pity those living in Nigeria

Don't be deceived the Olodo is connected to the government he will get waiver on this.

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.

RomanGreen:
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

Tinubu is your president in 2023, get use to that or you can go ahead and hang yourself.

Thank God say my money dey for wey I buried it for ground.

Which cash will they keep at home? The one they mint in their rooms? How can they withdraw when there is limit, customers will be paying for products and services via electronic means.

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.

Please note that the 20k is strictly cash withdrawal on POS not vendor payment.

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 ??

There's no market woman that will engaged in a single transaction worth 20K that is not enlightened, She will definitely be in tune with electronic transactions.

obi58:
POS guys will have to think out of the box.... For example if I want to withdraw 100k from POS instead of using ATM card I will transfer to the POS person who will include charge. However the challenge they will have is sourcing for cash with the new bank withdrawal charges I suspect POS charges per withdrawal will have to increase.

The real difficulty lies in going to the market. If you want to pay a market woman who is not enlightened above 20k how you go fit do am?

AquaPetals:
This policy would hugely put a dent in the POS business vendors littering across the country...

20k daily withdrawal limit? damn!
Any loopholes?

We have a POS transfer menu in the POS machine which can handle any amount transferable up to an N100,000,000 which is different
from your usual POS Cash withdrawal.

Na to open 5 or 6 additional bank accounts

Policy failure! Implementing this when naira is already damaged. Single cash withdrawl of 20k cannot even go to market and procure anything reasonable. Let's just wait and watch the result

MadamExcellency:
We have a POS transfer menu in the POS machine which can handle any amount transferable up to an N100,000,000 which is different
from your usual POS Cash withdrawal.

Thanks for the info..I never knew this though..

amedualiyu:
Please note that the 20k is strictly cash withdrawal on POS not vendor payment.

So one can still walk into the mall to buy something above 20k and pay via pos??

I rarely have 10k at any time, but only problem problem with this policy is that, Banks will now configure their ATM to dispense maximum of 5k per transaction just to ensure you are charged N65 ATM maintenance fee and at the same time wasting your time doing what you're supposed to do at once, 4 times.

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

what of those filling station that does not have POS terminal

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

You can (including transfer). However, going to the local market you can't withdraw CASH above 20K

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.

what will cashless policy achieve for nigerians? will it reduce inflation?

Klogo:
Policy failure! Implementing this when naira is already damaged. Single cash withdrawl of 20k cannot even go to market and procure anything reasonable. Let's just wait and watch the result

what will stop you from paying through transfer or pos