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Nairaland Forum / Nairaland / General / Business / CBN Drops ATM Withdrawal Limit To N20k/Day (80352 Views)
CBN Increases Cash Withdrawal Limit To ₦500,000 Weekly / CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 / CBN Drops Interest Rates By 50bps To 13.50% (2) (3) (4)
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Re: CBN Drops ATM Withdrawal Limit To N20k/Day by docsam007: 4:57pm On Dec 07, 2022 |
As good as this is, i think the cost of goods and servcies need to come down because how do we spend as a Nigerian in the local market on the average? In England for expample you hardly see £50 or £100 in their machines. The cost of food/ daily groceries is most times lower than £2. In this kind of economy lower demoninarion works ver ly well. But in our economy what can you buy in the market with 200naira? Peope will have have to go about with huge cash and remember most market woman in our local market MIGHT not want to take transfer infacr our e channels are nothing to write hime about. I believe is a good policy, However, much need to be done before Nigerians will benefit from it yemmit90: 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by BubblingB(m): 6:31pm On Dec 07, 2022 |
Ikea81: I pray your parents don't have emergency or projects to do that is if you have one |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Capernum: 6:31pm On Dec 07, 2022 |
savysu:Correct me please |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by charlsecy(m): 7:40pm On Dec 07, 2022 |
Seun:Not true. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by charlsecy(m): 7:50pm On Dec 07, 2022 |
Mrfksb1:Read the article again. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by lereinter(m): 8:39pm On Dec 07, 2022 |
Westchester: Lolzzzzz You will be healed |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Rizin: 9:21am On Dec 08, 2022 |
Cbn want to create black market for naira notes. This will definitely spring up. People selling naira notes at higher values. 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by U1(m): 9:37am On Dec 08, 2022 |
webizone: Sir, please could you provide a link where I can read about the bold? I tried searching but couldn't find something useful. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by webizone(m): 10:29am On Dec 08, 2022 |
U1: Here you go: https://www.reuters.com/article/uk-eurozone-cyprus-anger-idUKBRE92F07720130316 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by God2man2again(m): 10:30am On Dec 08, 2022 |
Rizin: Will it be legalized? |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Seun(m): 12:30pm On Dec 08, 2022 |
Rizin:What will people use to buy it, though? 6 Likes |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by AfroSamurai: 12:56pm On Dec 08, 2022 |
Seun:dollars. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Rizin: 2:11pm On Dec 08, 2022 |
Seun:Transfer. Eg, you went to village to buy a bag of rice at 50k. They insisted that you will pay cash. You will withdraw 20k at 20.4k from pos. The remaining 30k, you will have to buy from the POS agent at his rate. You may end up transferring 35k for the 30k you will receive. 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Rizin: 2:13pm On Dec 08, 2022 |
God2man2again:Definitely, it will not be legal. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by U1(m): 2:33pm On Dec 08, 2022 |
webizone: Thanks, boss! Every possibility has to be considered at this point. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by cunny88(m): 3:08pm On Dec 08, 2022 |
Seun:transfers, POS merchants will up dere charges |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Cromagnon: 9:31pm On Dec 08, 2022 |
SmartyPants:I'm all ears What is the macro respective They just seized Kanye 500 million cos it's cashless Do mistake offend govt or get a tyrannical govt then you will see how micro perspectives can get |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by martuk: 11:26pm On Dec 08, 2022 |
No problems on the new #20,000/day CBN policy as far as it binds on all of those people who are making the law too Charity should begin at home The policy should affect them on their own withdrawals too from the head to the bottom persons |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by lookingfly: 11:36am On Dec 09, 2022 |
MrBroke:so how does this initiative improve the naira? |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by MrBroke(m): 12:33pm On Dec 09, 2022 |
lookingfly: Oga am not here to explain or come school you, if after everything I believe you have heard about the advantage of this and you still playing deaf then am sorry am not here to argue with people. If by the time it comes to pass then you will get the answer from nigeria |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by seunmsg(m): 12:52pm On Dec 09, 2022 |
Rizin: Why exactly do people need like N20million cash outside that cannot be tracked by the banking system? Why do we like fighting every measures put in place by government to fight corruption? Why are we like this? 4 Likes |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by CodeTemplar: 3:06pm On Dec 09, 2022 |
Seun:Their policies look harsh but most times there are hidden constraint limiting their options we may not understand. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Tranquility439(m): 4:54pm On Dec 09, 2022 |
Westchester:We know that all politicians are Thiefiticians. Case closed! |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Rizin: 5:44pm On Dec 09, 2022 |
seunmsg: Dear Brother, Nobody is fighting your policies. i do not have the power and according to the billionaire Prince, I am one of the poor masses. Actually, they are wonderful but dead on arrival. If CBN want to go cashless fully, they should go and stop creating unnecessary black markets. but remember that even US have not gone cashless completely. You and i knew that POS are not banks. It was just designed for retail shops to collect money from client. Today, they are like banks in some areas. Banks register them like microfinance banks. There are some places you have to pay as high as 500 naira before they can give you 10000 naira cash. this is the black market on naira. Why will you kill a landlord because the tenant living in his house committed a crime and you can not find the tenant? This was the same story that was told when they wanted us to link NIN. Many had accident and some lost their jobs because they have to do the linking but today, where are we? It will be shocking for you to know that the so called big men are not even using the naira. Are they spending from the same limit of $20 per month from the CBN? This policy was there when presidential primaries were done. The truth is that it is going to create more jobs for people that will sale naira to you in exchange of what you have transferred electronically. Maybe this is part of the 130million jobs promised. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by lookingfly: 6:42pm On Dec 09, 2022 |
MrBroke:if you can't even give a summary of the action by CBN, then it's clear you're also blind to the reality.....if you think all these is about improving naira, then you're on a long thing. This is a targeted attempt to cut the presidential lead of a candidate. Take it or leave it. 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by alabi484(m): 7:49pm On Dec 09, 2022 |
Omobola121: You'll be going from bank to bank to withdraw the OTC daily limit? What if bvn is used to track withdrawals and limit it to the 100k? |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by alabi484(m): 7:51pm On Dec 09, 2022 |
emmyN: Is this a guess or it's confirmed info? |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by alabi484(m): 8:21pm On Dec 09, 2022 |
emmyN: Depends on location bro. I know a POS guy that does between 300k to 500k withdrawals on normal days and close to 1m withdrawals on good days (usually salary payment week) excluding deposits. How that kain person go survive? |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Rizin: 8:46pm On Dec 09, 2022 |
emmyN: What is normal in Nigeria is 100naira as charge per 10000naira. Now it's 400k will give a return of 4k as gain for a whole week. So a POS agent will make 4k weekly and 16k monthly. U have not subtracted the cost for transportation to and from the bank and cost of data for the month. Cost of recharging the battery of the machine. Haba. Those guys will need minimum of 1m weekly to stay in the business. Else they will charge more which will be bad for the economy. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by emmyN(m): 1:24am On Dec 10, 2022 |
alabi484: It's not speculations. There is another policy coming that would see us using one ATM card across all banks. You should have heard about it. |
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