Akinsete19:
Na to keep money for house, sure pass

How you wan keep moni 4 house when they wan do away this moni

Paxxcarl:
Pos might be going out of business
Cashless policy

Honestly

Cromagnon:


Such a foolish statement
You think you get to say how extreme you want your tyranny?


because you are at 50K. Level abi, those above you can go to hell
I hope they make it 1K
Shebi you like cashless policy?

lol.

Some of us see things from the macro perspective though it's understandable you might not.

Odidigboigbo:
You will do app transfer give Ashowo and wait for her to confirm your transfer before she will let you go

AngelicBeing:
@ sukkot, what sayest Thou

e no concern me ooo. na dollars i dey spend

Hullabaloon:


Eventually, it'll finish

Yes and they will keep it for all they care

smasher1:


POS guys are the main problem. Selling money they didn't work for for a fee. Money collected from OTC or worse ATM machine

Is like you don't know for every withdrawal or deposit you do they are charged

Edipet:
it won't fade , most people make withdrawal from pos, do not go beyond 10k, very few withdraw upto 20k and above

Because you are not in the market area where people make 500k and above everyday

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.

All these people who think all of Nigeria is Lagos and Abuja!!!

Paxxcarl:
Pos might be going out of business
Cashless policy

The business will still strive. What I think will happen:
1. Agent will have multiple bank accounts to have access to multiple ATM. Some (POS agent) will rely on their close friends (siblings/spouse) to do same. NB: Some banks isuue just one ATM person even if you have more than 1 account with them.

2. Their charges will be higher.

Infact the business will boom as long as you can get raw cash.

Imagine site engr or contractor wanting to pay artisan or labourer.

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.

is you that do not understand...20k/day is for atm withdrawal per card or per person

Westchester:
This is crazy but as long it'll affect criminals like Thifnubu and Atiku I'm good with the policy.


Perpetual suffering to all BATidiots

Those things don't affect them. They don't go to atm, they don't queue in front of counter, they use bullion vans to supply them cash. Na common man like you particularly those operating pos go cry last last.

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..

You can use pos to pay for as much cash as possible but you can't withdraw more than 20k in cash per day

This is bad news for POS operators. Their businesses will soon fold gradually, just like the era of Phone booths and call centers.

tunjijones:


You can use pos to pay for as much cash as possible but you can't withdraw more than 20k in cash per day

Me i am thinking that since it is the same POS machines that is used at the mall that is also used by those doing the pos business...so I am thinking the 20k limit applies to any pos daily withdrawal as long as it is not transfer that is done..

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.

You are so shallow like your apc masters. You have not seen situations where site engineers need to pay labourers and none of them will take nothing other than cash. Infact if you suggest transfer, some will threaten to beat you open. What of villages and remote or unsecured areas without banks. Bros please open your brain and stop supporting useless government blindly.

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.

Allow them to mouth off ignorantly

Artificial Deflation.

Can this measure put an end to the increase in prices of commodities? I just pray to God of Creation, to direct our noble cause, and guide our leaders right.

A lot of people won't understand how amazing this is. Though, I saw some loopholes. This policy will make kidnapping and ransom paying (in cash) not to be lucrative.

For the old people, you have children or relations who can operate phone and handle payments for you digitally. We're getting there.

pocohantas:
We must go cashless by force.





Abi na! Or N500 sef.

500 is still big na,try reduce am small

VIPAFRICAN:
How does this affect the POS guys if I may ask.

As pos guy U can only go to bank ATM an withdraw only #20k for d day,if you deals with #150kdaily serving customers to make say #5k Commission daily,with only #20k exhausted ya commission is small...U are going home.

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

Even Sanusi was far too better than this mad man! This is why I have my doubts and I am not just sure who to trust or vote for in this presidential elections.
I am not just confident of these contestants.
I would actually prefer A Sanusi, Sowore and the likes to be president of this country.
I don't think any of Atiku, Tinubu or Obi can do this job. I believe all three of them combined will fail

May God bless you for all the things you wrote here. It is absolutely true, all of it. A Fulani man is hardly forgiving and he will draw his pound of flesh for all the manipulation of his regime. We will all be remembering PMB's name for good in few years to come.

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

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

Look hav U made transfer that hang before and d seller refuse to give you d bag of rice...referring to go to yo bank & complain?

There is no way this policy will last ,it is obviously brought out for elections matters and time . Once elections are over and a new government comes in ,the policy will change

How does paying people in #200notes reduce inflation or make d economy cashless,do they know #200notes is more in numbers,bulky than #1k of same amount?#20k of #200 notes cannot enter normal guys wallet.

If you like make all withdrawals zero, if your policies are bad and no productivity it won’t improve the value of the naira

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

u cant oo...i have been trying to buy anti virus for long now.

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..

no u can use ur atm card to make payment as high as 500k and above. It does not affect. It only affect pos cash withdrawal

What is the current value of N20,000.00

Me I don't mind going cashless, but that stamp duty of N50.00 on amount from N10,000.00 should be revised to N20k and above

CBN should look for ways to encourage people to go cashless.
You can't be penalising people for not going cashless while still charging them ridiculously for using cashless channels.

AkProsper:

The business will still strive. What I think will happen:
1. Agent will have multiple bank accounts to have access to multiple ATM. Some (POS agent) will rely on their close friends (siblings/spouse) to do same. NB: Some banks isuue just one ATM person even if you have more than 1 account with them.

2. Their charges will be higher.

Infact the business will boom as long as you can get raw cash.

Imagine site engr or contractor wanting to pay artisan or labourer.

How will they source for cash? Remember robbery will be much then.

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

Wow. This is not good news for we in the PoS business.