₦airaland Forum

Jeffy1206:
are you sure? I thought there is a limit?

most daily limit is 500k, imagine one POS operator have 4 atm cards

maureensylvia:
Instead of all these stress, I better run transfer

It is a challenge. It is now a racket. Market women, traders, transporters et al

Ok... As usual they will blame POS owners

I read it on phoenix app news now that Mahmoud yakubu is dead

Christ4ever:
I disagree with this.

N150k daily to an individual is too much.

Most businesses now accept transfers and POS.

N50k cash per week is still much more reasonable.

What about pos

Christ4ever:
I disagree with this.

N150k daily to an individual is too much.

Most businesses now accept transfers and POS.

N50k cash per week is still much more reasonable.

A maximum of 50K per week will not work because Nigeria is still predominantly a cash based economy

Now you understand why Naira had to be floated; the corruption in the bank was out of control as they and the CBN were involved in the arbitrage of the Naira to the Dollar.

Investigations revealed that some bank officials prioritised selling mint to high-end clients at agreed prices.

7k for 20k? 😮

Something I'm going to pass to someone else?

I barely even go with cash. If you don't take transfer you leave.

Corruption is all about cartels, syndicates and mafia operations inside and outside government.... scamming the people...

richmond500:
FG should make it mandatory that u can have only one ATM card with ur BVN and the highest amount u could withdraw a day is 150k.
U will see how this scarcity of cash will be a thing of the past, cos some of those POS people have like seven ATM cards

Little dreaming Tyrant.

Evil country and it's people.

richmond500:
FG should make it mandatory that u can have only one ATM card with ur BVN and the highest amount u could withdraw a day is 150k.
U will see how this scarcity of cash will be a thing of the past, cos some of those POS people have like seven ATM cards

Am into pos and I don’t even have one atm card at the moment, can’t remember the last time I withdraw cash from the bank. I mostly source my cash from big stores and traders, thanks to emefiele who made those traders lost interest in depositing money at the bank, they prefer Bring it for deposit for few charges or no charges at all and we in turn use it to transact

In anambra here cash dey o
In abịa too cash dey
Even my guy for Owerri say them dey get mint for atm.
Where is this cash scarce biko nụ?

adebowales:
Am into pos and I don’t even have one atm card at the moment, can’t remember the last time I withdraw cash from the bank. I mostly source my cash from big stores and traders, thanks to emefiele who made those traders lost interest in depositing money at the bank, they prefer Bring it for deposit for few charges or no charges at all and we in turn use it to transact

God bless you real good.

richmond500:
Scarcity of cash is caused by all these POS operators

If bank put N5m in ATM, one POS operator can withdraw N400k from it and sometimes u may have like 20 POS operators that will collect average of N200k daily from that very ATM, then the rest of us will manage 1m.

They are a menace to the society

Whenever we are copying something we don't do it well, the purpose of agency banking is to help people in a remote area that cannot access bank but today you see Opay, MONIE POINT etc in the front of the bank, Not untill government ban them from withdraw scarcity of Naira will not stop.... Places like filling station are not taken money to the bank but they sell naira to them..

TotoLGA:
they'll still borrow from friends, neighbor, family members etc

I run pos, cant even remember the last time I took cash from the bank. It’s more than 2yrs already

richmond500:
Scarcity of cash is caused by all these POS operators

If bank put N5m in ATM, one POS operator can withdraw N400k from it and sometimes u may have like 20 POS operators that will collect average of N200k daily from that very ATM, then the rest of us will manage 1m.

They are a menace to the society

no mind them. We keep deceiving ourselves in this country.

richmond500:
Scarcity of cash is caused by all these POS operators

If bank put N5m in ATM, one POS operator can withdraw N400k from it and sometimes u may have like 20 POS operators that will collect average of N200k daily from that very ATM, then the rest of us will manage 1m.

They are a menace to the society

They are not a menace. They even aide to the effective circulation of the currency. How many areas do we have banks in specially rural areas? Even the urban centers do you know the numbers of queue you will have in the bank without the POS Operators?

richmond500:
Scarcity of cash is caused by all these POS operators

If bank put N5m in ATM, one POS operator can withdraw N400k from it and sometimes u may have like 20 POS operators that will collect average of N200k daily from that very ATM, then the rest of us will manage 1m.

They are a menace to the society

Then the banks should create more atm points.Encourage cashback policies for customers patronising pos operators.Why should I pay to buy naira in the first place and we keep wondering why things are ridiculously expensive.Too much room for speculators in the system.Nawa

omoredia:
Cbn is no blame and not the banks. Thats why no bank has yet been sanctioned

pure truth from you.

nedu666:
Pos with 20 ATM won't allow us even draw money. As soon as the machine is loaded, boom they show up, withdrawing everything. To make matters worse, some bank staff will inform them when they are loading the ATM. Then you will see like 10 pos with 20 ATM.

I know many people will run out of source of income but the only way to tackle this cash scarcity is to discount all POS machine for withdrawal… POS should only be used to receive transfer cash from cards or online transactions..

Only that Implementation can help Cus what’s the job of an ATM when its doesn’t dispense

handsomeyinka:
Cashless policy needs more enforcement and tax more cash transactions.

Atm with cash deposit is needed so as to help traders and business owners deposit daily or weekly cash transactions to their respective banks.

Going through some banking hall stress is another major reason most people patronize POS operators

.

how do you tax cash transctions when you don't even have means to see them?

richmond500:
FG should make it mandatory that u can have only one ATM card with ur BVN and the highest amount u could withdraw a day is 150k.
U will see how this scarcity of cash will be a thing of the past, cos some of those POS people have like seven ATM cards

This won't solve anything, coz what people will do is simply transfer 150k to 10 different people (who have no money in their accounts to withdraw that day) and this 10 different pple will use their ATMS to withdraw 150k each.. Making it 1.5m and give to the owner of the money, he may settle them with 2k each and then gain maybe 10k from each 150k.

Then the cycle continues.... Remember not everyone that has an ATM card has funds in his account.

richmond500:
Scarcity of cash is caused by all these POS operators

If bank put N5m in ATM, one POS operator can withdraw N400k from it and sometimes u may have like 20 POS operators that will collect average of N200k daily from that very ATM, then the rest of us will manage 1m.
And banks don't even have much money cos people don't deposit money again, they now know that they can sell to POS, thanks to Emefiele wickedness.

They are a menace to the society

blame the stupid bank that put 5million.

They should put more than 5 million.

When there is enough cash to go, pos operators won't withdraw more than they own.

The banks and cbn is simply to blame.

richmond500:
FG should make it mandatory that u can have only one ATM card with ur BVN and the highest amount u could withdraw a day is 150k.
U will see how this scarcity of cash will be a thing of the past, cos some of those POS people have like seven ATM cards

it still won't solve it, they will get ATM card of friends and relatives and use..

Christ4ever:
I disagree with this.

N150k daily to an individual is too much.

Most businesses now accept transfers and POS, so why should one person have access to N4.5M raw cash every month?

N50k cash per week is still much more reasonable.

nonsense talk.

How much is 50k in this current economy?

Do you even go to market at all?

In a country that still rely heavily on cash for transaction?

What are you smoking?

People need cash. 150k is nothing

richmond500:
FG should make it mandatory that u can have only one ATM card with ur BVN and the highest amount u could withdraw a day is 150k.
U will see how this scarcity of cash will be a thing of the past, cos some of those POS people have like seven ATM cards

richmond500:
how many of their relatives ATM can they borrow?

Highest three or four relatives, it's better than one person having 15 ATM cards.
Also why will I give u my ATM card when I know u could exhaust my daily limit and I'll be stranded?

If u have ever wait in queue when these people are withdrawing, u go vex tire, some times they will finish the money in the machine and those behind them will have no choice but to withdraw from them.

Am into pos and I don’t even have one atm card at the moment, can’t remember the last time I withdraw cash from the bank. I mostly source my cash from big stores and traders, thanks to emefiele who made those traders lost interest in depositing money at the bank, they prefer Bring it for deposit for few charges or no charges at all and we in turn use it to transact

We are supposed to sell goods and services for money.
There are NO goods and NO services
and we are now selling Money for Money??
The country is gone!

NinjaMetahuman:
blame the stupid bank that put 5million.

They should put more than 5 million.

When there is enough cash to go, pos operators won't withdraw more than they own.

The banks and cbn is simply to blame.

u dont know POS people.
They will do everything to finish money in ATMs so u could withdraw from them.

Also back doesn't have much money anymore cos SME businesses will rather sell their money to POS operators than deposit it in banks

richmond500:
u dont know POS people.
They will do everything to finish money in ATMs so u could withdraw from them.

Also back doesn't have much money anymore cos SME businesses will rather sell their money to POS operators than deposit it in banks

We just enjoy illegality in this country.
In US/UK, once you start having large movement of cash in your account,
the bank will freeze your account instantly, call you in and question you to
know what you are doing. They won't unfreeze that account until you answer
all questions satisfactorily. If not, police is already waiting for you.
But in Nigeria, you see a f**king POS agent, withdrawing cash anyhow from ATM
and everybody kept quiet.
Now there's no cash in the Bank again. They are now selling Money for Money.
Our entire financial system is collapsing because of this evil act.

Nigerian banks are withholding too much cash and exploiting the ignorance of Nigerian
All these banks need to be collapsed then we can develop a new method of banking

richmond500:
u dont know POS people.
They will do everything to finish money in ATMs so u could withdraw from them.

Also back doesn't have much money anymore cos SME businesses will rather sell their money to POS operators than deposit it in banks

they won't withdraw more than they own.

They don't have more money than the banks.

If banks keep replacing the naira, they will get tired and the money will be useless if no one is going to them to withdraw.