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:



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.

Ikea81:


Oga POS dey everywhere. Wetin your parents need more than 20k per day do.

I pray your parents don't have emergency or projects to do that is if you have one

savysu:


You are not correct

Correct me please

Seun:

Under the new policy the time it takes to withdraw N150k will be used to withdraw 30k since they will be using N200 naira notes.

Not true.

Mrfksb1:
how will my aged parents withdraw when I send cash to them?

Read the article again.

Westchester:


All those accusations has no backed up evidence but we all know th1efnubu and Atiku are confirmed criminals

Lolzzzzz

You will be healed

Cbn want to create black market for naira notes.
This will definitely spring up. People selling naira notes at higher values.

webizone:
That's the essence of going cashless. They can wake up tomorrow and declare that you now own only 50% of money in your account. If you doubt it can happen, go and ask Cyprus.

Sir, please could you provide a link where I can read about the bold? I tried searching but couldn't find something useful.

U1:


Sir, please could you provide a link where I can read about the bold? I tried searching but couldn't find something useful.

Here you go:

https://www.reuters.com/article/uk-eurozone-cyprus-anger-idUKBRE92F07720130316

Rizin:
Cbn want to create black market for naira notes.
This will definitely spring up. People selling naira notes at higher values.

Will it be legalized?

Rizin:
Cbn want to create black market for naira notes.
This will definitely spring up. People selling naira notes at higher values.

What will people use to buy it, though?

Seun:
What will people use to buy it, though?

dollars.

Seun:
What will people use to buy it, though?

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.

God2man2again:


Will it be legalized?

Definitely, it will not be legal.

webizone:


Here you go:

https://www.reuters.com/article/uk-eurozone-cyprus-anger-idUKBRE92F07720130316

Thanks, boss!

Every possibility has to be considered at this point.

Seun:
What will people use to buy it, though?

transfers, POS merchants will up dere charges

SmartyPants:


lol.

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

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

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

MrBroke:


Pos terminal ain't difficult to get, we just have to adjust cause it's a great initiative those with sense will know but those complaining you just want us to remain woop woop

so how does this initiative improve the naira?

lookingfly:
so how does this initiative improve the naira?

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

Rizin:
Cbn want to create black market for naira notes.
This will definitely spring up. People selling naira notes at higher values.

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?

Seun:
They could use BVN linkage to restrict you if they see people using that loophole. The person wey dey no fit frustrate hasn't been born.

Their policies look harsh but most times there are hidden constraint limiting their options we may not understand.

Westchester:


All those accusations has no backed up evidence but we all know th1efnubu and Atiku are confirmed criminals

We know that all politicians are Thiefiticians.

Case closed!

seunmsg:


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?

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.

MrBroke:


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

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.

Omobola121:
As an arbitrager, I have accounts with all the banks in Nigeria. Aside this, I already mapped out another way of getting cash. Come January, I'm adding POS to my biz that is what I know.

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?

emmyN:


The policy is tied to your BVN, more accounts won't help

Is this a guess or it's confirmed info?

emmyN:


POS can register their accounts as business accounts, and that puts the limit at 400k weekly. I don't think most of the POS units around make such high volume transaction per week, so they will mostly be fine.

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?

emmyN:


POS can register their accounts as business accounts, and that puts the limit at 400k weekly. I don't think most of the POS units around make such high volume transaction per week, so they will mostly be fine.

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.

alabi484:


Is this a guess or it's confirmed info?

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.