Political Financial Solution: How Much Are You Being Charged for Every 5,000 NGN in Your Area ?



To Be Very Frank with You All; Nigerians are The VERY Real Problems of One Another.


Many of The Times; Alot of Nigerians Love To Shift The Blames on "The Government" for Any Socio-Family Calamity Befalling Them.




For Instance;



Let's take a close look at the present situation of things in the country.



Over Here in UGEP, CROSS-RIVER STATE, Almost All The POS OPERATORS Are Billing A WHOOPING 1,500 Naira for Every 5,000 Naira That Anyone Withdraws, Transfers or Deposit.



Please Read That Again.


You want to Withdraw 5,000 Naira; You are Charged A NON-NEGOTIABLE 1,500 Naira.


You want to Transfer 5,000 Naira; You are Charged A WICKED 1,500 Naira.



When You want to DEPOSIT Your Own Money; You are Charged An UNFRIENDLY 1,500 Naira.






Now; Where Am I Going with These Life Experiential Analysis ?




How can we really explain what is going on in the country ?


This is simply A Case of ECONOMIC SITUATION ROBBERY That These POS OPERATORS Are Utilizing To HOARD Money To Themselves Through The Aid of The Banks.


Now; Here is The Problem.



We Keep Complaining That The Country is Hard, and it is getting Harder By The Day.


Yet; When The FG gave everyone The Strict Warning That All Old Notes Should be submitted to the bank earlier this year with an ultimatum date; Many People ARROGANTLY DISOBEYED The ORDER From Above.



So, When The Ultimatum Date was becoming very close enough; People Started Rushing in Their ARROGANT VOLUMES To The Banks To Get Their Old Notes Submitted.



Obviously; This resulted to Millions of People Trying to TRANSFER Their Old Notes into Their Accounts Through POS OPERATORS.



Now; With The Volume of Millions of People who PROCRASTINATED For Too Long Made POS OPERATORS Begin OVER-CHARGING People for Helping Them DO Their PROCRASTINATED TRANSFERS.



Now; Because of The CASHLESS POLICIES And FUNDING LIMITS Which The Banks Have Been Ordered To Maintain; Alot of Banks cannot Provide NEW NOTES To POS OPERATORS in The Usual Quantity That They Normally Provide To Them Based on Their Account Balance and Requests.



Now; This Money Limitation against The POS OPERATORS Go Further To Extorting People when People Try To Withdraw Money from Them.



However; Here is The Straw That Broke The Camel's Back :


"Do You Know That POS OPERATORS Who Are VERY RICH And Have Established Concrete Connections with Bank Managers Across Nigeria are The Ones Who Are Being Abled To Withdraw Huge Amounts from The BANKS ?"


YES!



That's Where The Money-Chain Starts From.


The RICH POS OPERATORS Bribes Their Way To Buying Huge Amounts of NEW NAIRA NOTES (NNN) with An Agreed BRIBERY FEES from The Bank.


And Then; They Proceed To Sell The NEW NAIRA NOTES (NNN) Very Expensively To People So That They Can Cover Up For The BRIBERY FEES Which They Had with Their Respective Banks.



Now; Clearly - This is The Pure Truth Why We Are Buying Every 5,000 Naira with 1,500 Naira.



The Situation is Really Pitiable.


However; It is What it is.




Scarcity of The NEW NAIRA NOTES (NNN) is Finally Making People HOARD The NEW NAIRA NOTES (NNN) simply because Many People Need More of It To Run Their Daily Businesses.


This is A Simple Law of Demand.






Now; Here is The Issue.



How Do We Solve This Political Financial Problem That is Limiting and Crippling Many Other Business Owners in The Country Who Are Not POS OPERATORS ?




Alot of people are jobless, cashless and clueless of how to run their usual businesses with the High POS Charges.



We Certainly Cannot Continue Like This.

How Do We Solve This Issue; Brethrens ?

MessiahOfAfrica:
Political Financial Solution: How Much Are You Being Charged for Every 5,000 NGN in Your Area ?



To Be Very Frank with You All; Nigerians are The VERY Real Problems of One Another.


Many of The Times; Alot of Nigerians Love To Shift The Blames on "The Government" for Any Socio-Family Calamity Befalling Them.




For Instance;



Let's take a close look at the present situation of things in the country.



Over Here in UGEP, CROSS-RIVER STATE, Almost All The POS OPERATORS Are Billing A WHOOPING 1,500 Naira for Every 5,000 Naira That Anyone Withdraws, Transfers or Deposit.



Please Read That Again.


You want to Withdraw 5,000 Naira; You are Charged A NON-NEGOTIABLE 1,500 Naira.


You want to Transfer 5,000 Naira; You are Charged A WICKED 1,500 Naira.



When You want to DEPOSIT Your Own Money; You are Charged An UNFRIENDLY 1,500 Naira.






Now; Where Am I Going with These Life Experiential Analysis ?




How can we really explain what is going on in the country ?


This is simply A Case of ECONOMIC SITUATION ROBBERY That These POS OPERATORS Are Utilizing To HOARD Money To Themselves Through The Aid of The Banks.


Now; Here is The Problem.



We Keep Complaining That The Country is Hard, and it is getting Harder By The Day.


Yet; When The FG gave everyone The Strict Warning That All Old Notes Should be submitted to the bank earlier this year with an ultimatum date; Many People ARROGANTLY DISOBEYED The ORDER From Above.



So, When The Ultimatum Date was becoming very close enough; People Started Rushing in Their ARROGANT VOLUMES To The Banks To Get Their Old Notes Submitted.



Obviously; This resulted to Millions of People Trying to TRANSFER Their Old Notes into Their Accounts Through POS OPERATORS.



Now; With The Volume of Millions of People who PROCRASTINATED For Too Long Made POS OPERATORS Begin OVER-CHARGING People for Helping Them DO Their PROCRASTINATED TRANSFERS.



Now; Because of The CASHLESS POLICIES And FUNDING LIMITS Which The Banks Have Been Ordered To Maintain; Alot of Banks cannot Provide NEW NOTES To POS OPERATORS in The Usual Quantity That They Normally Provide To Them Based on Their Account Balance and Requests.



Now; This Money Limitation against The POS OPERATORS Go Further To Extorting People when People Try To Withdraw Money from Them.



However; Here is The Straw That Broke The Camel's Back :


"Do You Know That POS OPERATORS Who Are VERY RICH And Have Established Concrete Connections with Bank Managers Across Nigeria are The Ones Who Are Being Abled To Withdraw Huge Amounts from The BANKS ?"


YES!



That's Where The Money-Chain Starts From.


The RICH POS OPERATORS Bribes Their Way To Buying Huge Amounts of NEW NAIRA NOTES (NNN) with An Agreed BRIBERY FEES from The Bank.


And Then; They Proceed To Sell The NEW NAIRA NOTES (NNN) Very Expensively To People So That They Can Cover Up For The BRIBERY FEES Which They Had with Their Respective Banks.



Now; Clearly - This is The Pure Truth Why We Are Buying Every 5,000 Naira with 1,500 Naira.



The Situation is Really Pitiable.


However; It is What it is.




Scarcity of The NEW NAIRA NOTES (NNN) is Finally Making People HOARD The NEW NAIRA NOTES (NNN) simply because Many People Need More of It To Run Their Daily Businesses.


This is A Simple Law of Demand.






Now; Here is The Issue.



How Do We Solve This Political Financial Problem That is Limiting and Crippling Many Other Business Owners in The Country Who Are Not POS OPERATORS ?




Alot of people are jobless, cashless and clueless of how to run their usual businesses with the High POS Charges.



We Certainly Cannot Continue Like This.

How Do We Solve This Issue; Brethrens ?

I Think You See How Long This Socio-Financial Writeup is.


It Expresses My Deep Concern for A Quick Remedy To This Malady.



And This Is The Reason I Believe WISE MINDS On The Political Section of Nairaland can help provide some Adequate and Useful Suggestions That Can Definitely Work.

I see

What do you expect when your government created artificial naira scarcity as the solution for rising inflation.

My own problem is GTBANK. What is happening to the bank self The only thing I can do in my account is recharge my phone. The 737 has been useless since

You are balming the POS operator much as some also blame Godwin Emefiele. These are misplaced priority and transferred aggression.

The problem is simply Buhari. Except for the new generation, who didn't witness his '83/84 rule, he is synonymous with hardship.

In any society, any commodity that is short in supply, is bound to cost higher. This is simply because of the rule of demand-supply mechanism. Of over ₦3.2tr in circulation, Buhari through the CBN mobbed up ₦2.3tr from circulation, leaving a paltry ₦900b. This creates artificial scarcity of the naira. Hence, the high cost.

The Government should be blame for this issue

olasaad:
My own problem is GTBANK. What is happening to the bank self The only thing I can do in my account is recharge my phone. The 737 has been useless since

Wow!

I never knew about this with my gtbank because I've not been using it for a long while.


First Bank still works well for me.


These Days; It's not easy for the banks too.

Everyone is Feeling The HEAT That They Never Knew They Were Boiling Up.




Try to run your transactions at night, while men slept.
.

psucc:
You are balming the POS operator much as some also blame Godwin Emefiele. These are misplaced priority and transferred aggression.

The problem is simply Buhari. Except for the new generation, who didn't witness his '83/84 rule, he is synonymous with hardship.

In any society, any commodity that is short in supply, is bound to cost higher. This is simply because of the rule of demand-supply mechanism. Of over ₦3.2tr in circulation, Buhari through the CBN mobbed up ₦2.3tr from circulation, leaving a paltry ₦900b. This creates artificial scarcity of the naira. Hence, the high cost.

You are very right with your demand-supply analysis.


Very Intact.




However; I Throw No Blame At Anyone or Any Entity.



I'm simply making my Personal Creative Sensitization Journal on What I Perceive is Happening in My Very Immediate Environment.


I live in UGEP.


Buhari Lives in Abuja.


His Policies Affect The Whole of Nigeria. However; The Resultant Effect of How People Relate To Government Policies is what is THE BONE OF CONTENTION Here.



People Bring in Their GREED To Every Little Adjustments To Policies.



And That's The Problem I Am Addressing Here.










Furthermore;


The Regards of Releasing Very Little Funds into The Society is A Very POWERFUL AND STRATEGIC SOLUTION To Helping Nigerians Get More DIGITAL.


Historically and Economically; These Are Also Powerful Steps Strategically Taken By Government of Other Advanced Nations For The QUICKENED EMBRACEMENT AND ENROLMENT of People into Utilizing Internet Digital Technologies and Digital Currencies Generally.




So, This is A Great And Positive Internet Technological Revolution That Must Happen if We Truly Want To Advance Nigeria Particularly The RURAL Regions of Nigeria where Many Local Farmers and Youths are Retrogressive To The Banking System.



Now; Many Locals are being mandated to rushing to visit the banks making them create New Bank accounts, New BVN Enrolments, New NIN Registrations etc

All of these would simultaneously Generate More Revenues for The Government and as well as advance the utilization of the internet in the villages as more people get digital.





Invariably; As Many People Shift Towards The
Cashless Policy Banking System; More Digital Online Jobs and Digital Offline Jobs will be created by Entrepreneurs Who Can SEE And SEIZE The Opportunities To Financially Empower Other People As They Financially Empower Themselves.









So, Here is it; King ...



I'm not blaming anyone for any causation that is happening now.


We Must All Learn That The Society can not operate The Same Way For A Spread of 4 Years.


There Must Always Be A POWERFUL And SIGNIFICANT CHANGES That Will Continue To Redirect Life Towards Their Pathways.





It is left for Us To ADAPT abd CORRESPOND WISELY.

Parachoko:
The Government should be blame for this issue

We Are The Government.


You And I.

So, What Are You Blaming Us For ?

MessiahOfAfrica:


We Are The Government.


You And I.

So, What Are You Blaming Us For ?

I'm blaming us for introducing the cashless policy and not printing enough New Notes

All you people lamenting and cursing POS agents for their "exorbitant" charges,had better find something else to do or channel the anger energy you are using for better causes,because it's being wasted asides being useless on the POS agents.
A POS agent can spend 4-5hours on the same queue others use at the ATM or counter to access the same cash, because they are no longer preferentially being given cash,like it's supposed to be under the original POS policy sometimes they even have to bribe.
So after spending half if not the entire day sourcing for cash or buying from the bank or other non bank sources,you then expect him/her to charge you 100 for a 1k or even 2k?
Is that any longer a business or a charity?
If for eg,you buy something and want it delivered to you,no matter how small the item,do you pay anything less than 1k-1500 for the delivery?No.You know why? It's because the delivery person is charging you for the time not necessarily the value of the item.
Face the CBN that has made cash inaccessible and for not giving the banks time or the incentive to upgrade their online banking platforms!

Parachoko:


I'm blaming us for introducing the cashless policy and not printing enough New Notes

-You wey be unMUGU, I believe you think things will be any better under the drugie that now bears Tinubu? You're definitely not reading the handwriting on the wall. .

-@OP, I pray you leave that Nigeria for a better life. Nigeria can only get worse. Since you like economics, have you taken a look at the debt profile of the country you live in, and compare it with the dwindling main source of income (crude oil sales) ?

-The hard truth is, for a long time now, the Naira note no longer worth the paper it is printed on. Even CFA is worth more now than Naira.

PDJT:


-You wey be unMUGU, I believe you think things will be any better under the drugie that now bears Tinubu? You're definitely not reading the handwriting on the wall. .

-@OP, I pray you leave that Nigeria for a better life. Nigeria can only get worse. Since you like economics, have you taken a look at the debt profile of the country you live in, and compare it with the dwindling main source of income (crude oil sales) ?

-The hard truth is, for a long time now, the Naira note no longer worth the paper it is printed on. Even CFA is worth more now than Naira.

What are you talking about boy?

Parachoko:
What are you talking about boy?

-Shut up! I'm probably older than your mother.

PDJT:


-Shut up! I'm probably older than your mother.

Okay 🤡🤡🤡

"HORRIBILE DICTU".

Parachoko:
Okay 🤡🤡🤡

-What a 💩 t.w.a.t.

EVERYONE IS TAXING EVERYONE ELSE. EMEFIELE IS A JUDGE IN HIS OWN RIGHT. IT'S LIKE EMEFIELE OWNS ALL THE POS IN NIGERIA.

MessiahOfAfrica:


Wow!

I never knew about this with my gtbank because I've not been using it for a long while.


First Bank still works well for me.


These Days; It's not easy for the banks too.

Everyone is Feeling The HEAT That They Never Knew They Were Boiling Up.




Try to run your transactions at night, while men slept.
.

Same problem for gtbank. Though it works for other banks

Parachoko:


I'm blaming us for introducing the cashless policy and not printing enough New Notes

Okay. You are right.


So, what Is The Solution Right Now?

seborrhic:
All you people lamenting and cursing POS agents for their "exorbitant" charges,had better find something else to do or channel the anger energy you are using for better causes,because it's being wasted asides being useless on the POS agents.
A POS agent can spend 4-5hours on the same queue others use at the ATM or counter to access the same cash, because they are no longer preferentially being given cash,like it's supposed to be under the original POS policy sometimes they even have to bribe.
So after spending half if not the entire day sourcing for cash or buying from the bank or other non bank sources,you then expect him/her to charge you 100 for a 1k or even 2k?
Is that any longer a business or a charity?
If for eg,you buy something and want it delivered to you,no matter how small the item,do you pay anything less than 1k-1500 for the delivery?No.You know why? It's because the delivery person is charging you for the time not necessarily the value of the item.
Face the CBN that has made cash inaccessible and for not giving the banks time or the incentive to upgrade their online banking platforms!

You are so right.


It is cool that We are actually Transforming into The Cashless Economy.


We have to Embrace it for Digital Advancement.