₦airaland Forum

Irresponsibility is the order of the day.

Nigerians need a change of heart.

Our leaders need a change of heart.

It is well.

Without Jesus, your sins remain.

He is the only way to eternal life.

Is there any suffering APC will not take Nigerians through

I thought APC rats blamed Emefiele for cash shortage in 2023

What will they blame now?

You want to encourage cashless yet you keep deducting electronic charges for money you didn't make.
Imagine paying 50 naira for every 10k that enters your account when you can decide to just collect cash from your customers knowing well that majority are unwilling to add the charges for their electronic payments.

Two solutions are:
1. Eliminate POS or eliminate electronic charges. The 50 naira charges can be upgraded from 10k to 50k.
2. Beg Nigerians and initiate a favourable naira redesign that'll force those who have swore not to use the banks since Emefiele's wickedness to bring out their funds or they risk it's worthlessness.

grandstar:
The issue is not a surprise. It shouldn't be.

The Naira is now a four digit currency. It is bizarre that the highest denomination is only 1,000 naira which is about 60cents. This is ridiculous.

That maximum 100k withdrawal can only purchase 10k goods of 2007. That 100k of 2014 could last you one week. Today, you could finish it in a day. So, you need to keep withdrawing 100k from the ATM each day. This massive turnover is why banks lack cash.

When the Naira became a 3 digit currency, the CBN introduced the N100, 200, 509 and finally the 1,000 note in 2007 if I'm correct. Then the 1,000 note was worth around $8.

There's an urgent need therefore for the government to introduce the 2k,5k and 10k denominations urgently.

Unfortunately, Nigerians would say higher denominations would cause inflation which no topnotch economist would support. An increase in money supply that is higher than the increase in goods and services is whats causes inflation.

The central bank should follow global best practices and introduce higher denominations asap.

See as my leg shake as I read your proposal. So it don reach to print 2k, 5k, 10k!! Ah!! O maa se o

Meanwhile, is 1600 the true value of the naira now? I remember you saying the true value should be around 700 last year

Are you saying you have now arrived at that point where you see the true value as the present one? O maa se o

Bookhub:
I do pos too
Which bank sells cash abeg?

Leave them ooo, pos operator wey dey look for cash, na him go dey hoard cash.
Only few pos operator can give you 100k, you might have to visit about 8/10outlets before getting one that can give you such amount.
I see people spraying mints at different celebrity events held within the past 1month, and I wondered the source of the mints

Good response Oluwole. At least a response!

stanzy:
You want to encourage cashless yet you keep deducting electronic charges for money you didn't make.
Imagine paying 50 naira for every 10k that enters your account when you can decide to just collect cash from your customers knowing well that majority are unwilling to add the charges for their electronic payments.

Two solutions are:
1. Eliminate POS or eliminate electronic charges. The 50 naira charges can be upgraded from 10k to 50k.
2. Beg Nigerians and initiate a favourable naira redesign that'll force those who have swore not to use the banks since Emefiele's wickedness to bring out their funds or they risk it's worthlessness.

I don't think that will solve it.
They should rather make electronic/mobile transaction easy and friendly to all.
There should be quick resolution to failed transaction
Fraudulent transaction should be handled by the bank without the bureaucracy of law enforcement agencies, court, etc, bank should be empowered to handle frauds without needing to go through stressful, time consuming and expensive process.
SMS alert charges should be discarded, bank uses bulk SMS which is lesser than #1, so why charge #10 for alerts

Kukutente23:
See as my leg shake as I read your proposal. So it don reach to print 2k, 5k, 10k!! Ah!! O maa se o

Meanwhile, is 1600 the true value of the naira now? I remember you saying the true value should be around 700 last year

Are you saying you have now arrived at that point where you see the true value as the present one? O maa se o

What! Dont let nairalanda1 hear you oh! N1600 ke? Him go tell you say na 10k e suppose be!

sofeo:
I see, it's becoming real.

Let's switch to USDT.

Is USDT legal tender in any country?

grandstar:
The issue is not a surprise. It shouldn't be.

The Naira is now a four digit currency. It is bizarre that the highest denomination is only 1,000 naira which is about 60cents. This is ridiculous.

That maximum 100k withdrawal can only purchase 10k goods of 2007. That 100k of 2014 could last you one week. Today, you could finish it in a day. So, you need to keep withdrawing 100k from the ATM each day. This massive turnover is why banks lack cash.

When the Naira became a 3 digit currency, the CBN introduced the N100, 200, 509 and finally the 1,000 note in 2007 if I'm correct. Then the 1,000 note was worth around $8.

There's an urgent need therefore for the government to introduce the 2k,5k and 10k denominations urgently.

Unfortunately, Nigerians would say higher denominations would cause inflation which no topnotch economist would support. An increase in money supply that is higher than the increase in goods and services is whats causes inflation.

The central bank should follow global best practices and introduce higher denominations asap.

Top notch economists ko, top notch economists ni. Go and sit down with this satanic recommendation.

Having worked as a bullion personnel in a bank I can confidently say that the banker is correct! You go to CBN with 300 million request for branches in ur location, CBN will give you 50m. Nigerians need to understand that raw cash in a banks vault is a liability for banks cos it's not generating revenue and they are paying insurance on that excess cash in the vault. Banks make millions in ATM income so it's very painful when ATM is not dispensing because of no money. And for those saying banks sell cash to pos operators, that's partly incorrect. Partly incorrect because banks charge at least 7% per 1k transactions from their pos operators, however unscrupulous bank tellers and bullion people can sell cash to pos operators but banks dey know and sack very well for that shìt.

grandstar:
The issue is not a surprise. It shouldn't be.

The Naira is now a four digit currency. It is bizarre that the highest denomination is only 1,000 naira which is about 60cents. This is ridiculous.

That maximum 100k withdrawal can only purchase 10k goods of 2007. That 100k of 2014 could last you one week. Today, you could finish it in a day. So, you need to keep withdrawing 100k from the ATM each day. This massive turnover is why banks lack cash.

When the Naira became a 3 digit currency, the CBN introduced the N100, 200, 509 and finally the 1,000 note in 2007 if I'm correct. Then the 1,000 note was worth around $8.

There's an urgent need therefore for the government to introduce the 2k,5k and 10k denominations urgently.

Unfortunately, Nigerians would say higher denominations would cause inflation which no topnotch economist would support. An increase in money supply that is higher than the increase in goods and services is whats causes inflation.

The central bank should follow global best practices and introduce higher denominations asap.

That's the common misconception and I'll say you are absolutely spot on with this analysis.

Higher denomination banknotes do not directly cause inflation. Although not limited to but inflation is caused by the following.

1. Excess money supply
2. Demand and supply imbalance
3. Economic growth
4. Monetary policy....and others

It's a complex topic to a layman and there's no positive linear correlation between higher denomination and inflation even though it could be a factor but it's a low bar.

With all that said, the biggest problem in Nigeria right now isn't higher denomination.

OlujobaSamuel:
I don't think that will solve it.
They should rather make electronic/mobile transaction easy and friendly to all.
There should be quick resolution to failed transaction
Fraudulent transaction should be handled by the bank without the bureaucracy of law enforcement agencies, court, etc, bank should be empowered to handle frauds without needing to go through stressful, time consuming and expensive process.
SMS alert charges should be discarded, bank uses bulk SMS which is lesser than #1, so why charge #10 for alerts

The electronic transfer charges is a fraud. Nowhere does it happen except Nigeria and it started under this thieving APC govt. Same with N75 for ATM withdrawal
All these nonsense did not exist before and banks were living well

Kukutente23:
That guy needs to be tied down and flogged with peppered koboko to reset his brain to default setting

I swear!

Cardoso is exactly what that wicked Emefiele did...

Bookhub:
I do pos too
Which bank sells cash abeg?

Once a Nigerian believes something, it’s almost impossible to convince them otherwise.

I’ve been explaining to people here that POS operators get their cash directly from business owners. This is why banks are complaining about not receiving enough deposits from retailers. But no, Nigerians are convinced that every POS operator is buying funds from the bank.

The banking system is the root of the problem. If customers could easily access their money through ATMs, POS operators would have fewer customers and would be forced to reduce their charges.
However, banks are reluctant to collect cash from the Central Bank of Nigeria (CBN) due to the associated costs, such as transportation, insurance, and security fees. As a result, banks are only using the cash deposited by their customers.
Ironically, by creating artificial scarcity, banks are discouraging customers from depositing their money.
Furthermore, banks are also giving large sums of money to politicians, who hoard it in private vaults.
Lastly, the introduction of transfer charges is not encouraging cashless transactions, exacerbating the problem.

Blame games from unpatriotic and insincere people.

AirBere:


That's the common misconception and I'll say you are absolutely spot on with this analysis.

Higher denomination banknotes do not directly cause inflation. Although not limited to but inflation is caused by the following.

1. Excess money supply
2. Demand and supply imbalance
3. Economic growth
4. Monetary policy....and others

It's a complex topic to a layman and there's no positive linear correlation between higher denomination and inflation even though it could be a factor but it's a low bar.

With all that said, the biggest problem in Nigeria right now isn't higher denomination.

how is all the four items u mentioned responsible for inflation in nigeria today?

abeg who knows how to manufacture bombs,
I need to test something

grandstar:
The issue is not a surprise. It shouldn't be.

The Naira is now a four digit currency. It is bizarre that the highest denomination is only 1,000 naira which is about 60cents. This is ridiculous.

That maximum 100k withdrawal can only purchase 10k goods of 2007. That 100k of 2014 could last you one week. Today, you could finish it in a day. So, you need to keep withdrawing 100k from the ATM each day. This massive turnover is why banks lack cash.

When the Naira became a 3 digit currency, the CBN introduced the N100, 200, 509 and finally the 1,000 note in 2007 if I'm correct. Then the 1,000 note was worth around $8.

There's an urgent need therefore for the government to introduce the 2k,5k and 10k denominations urgently.

Unfortunately, Nigerians would say higher denominations would cause inflation which no topnotch economist would support. An increase in money supply that is higher than the increase in goods and services is whats causes inflation.

The central bank should follow global best practices and introduce higher denominations asap.

We should introduce 5k nd 10k because of elon musks like you, imagine cost of living when 500, 1k goes extinct like #50

Today #100 cant buy you common garlic where in america lowest $1 is as useful as mosque kettle.

Sometimes i wonder where guys like you school higher notes means higher amount in circulation inside inflation na wa oo

Sundaymessi:
You go to the bank you are told that there is no money but you go to the POS you can get times three of what the bank couldn't give you.
So where do the POS get their cash from?

Mostly from retailers and petrol station. Most retailers sell their cash to them instead of taking it to the bank and it won't yield any interest.

simplemach:
Everything sha dey scarce for this count. Very soon, Oxygen too will be scarce.
Nons€new!

God forbid

I am waiting for Righteousness2 to post something on the cash scarcity. Maybe somebody will say it's a Muslim conspiracy to frustrate happy Xmas celebrations. A confused person can imagine anything.

Wahala be like living in Nigeria, e no dey finish. God help my country.

Hopss:
Even banks sell cash to POS agents

True.

Pootle:
we too quick to point fingers in this country, CBN say na banks, banks say na CBN, people say na POS. jus a cluster mess

No be juju be dat?
Same way NNPC said it is dangote, dangote said it is marketers not loading, marketer said it is NNPC holding their money, NNPC said dangote received the money etc, when it comes to our own, cruise must enter plus kleg.

Bookhub:
I do pos too
Which bank sells cash abeg?

At least the bank I use do.

themanderon:
This madness has to stop. They have to ban these pos agents from doing the job of banks. Failure to do this is making the whole system a waste of time. Someone sends you 20k you cannot withdraw from banks because there is no cash and you go to these criminal pos agents and your 20k becomes 19.6k what kind of useless policy is this? Yet you are promoting a cashless economy.
These guys are beyond confused.

But we were fine before the advent of new naira notes. So what happened? POS operators are not your problem. Same cash are in the hands of politicians and terrorists.

Kukutente23:
That guy needs to be tied down and flogged with peppered koboko to reset his brain to default setting

DeepSight:
What! Dont let nairalanda1 hear you oh! N1600 ke? Him go tell you say na 10k e suppose be!