₦airaland Forum

Mandate1:
your latter submission is actually the truth. Govt is trying to curb inflation, but going it the wrong way.

You can't increase taxation, import tax, petrol price, devalue you currency which all resulted into monumental inflation, and fight the same inflation by taking cash out of the system.

Bad leadership caused this. Putting politicians to occupied critical economic positions caused where we are today.

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

Who still uses cash in this age and time if not corrupt politicians.
Do you know what going cashless means and the gain?
I can't remember when last I used cash, even for the minimalist of things.
Only corrupt minded people love using cash.
People that don't want to have national identity cos everything about them is fake.
Maybe, all the countries of the world that are cashless got it wrong.
Even in cashless, you transfer too much, it's an alarm and that will be monitored.

Dogalmighty17:
What is wrong with us?

3 weeks back, zenith bank atm was only paying 4000 naira per time in 200 naira notes. And out of 8 atms only one was paying so you can imagine the queue. The line was not moving for over 40 minutes. Why? A POS operator was withdrawing money. She needed 150k. Mind you, the atm was only paying 4k per time. I have never in my life imagined strangling someone before but that day I came close.

I laughed hard at this 😂😂

descarado:
Who still uses cash in this age and time if not corrupt politicians.
Do you know what going cashless means and the gain?
I can't remember when last I used cash, even for the minimalist of things.
Only corrupt minded people love using cash.
People that don't want to have national identity cos everything about them is fake.
Maybe, all the countries of the world that are cashless got it wrong.
Even in cashless, you transfer too much, it's an alarm and that will be monitored.

so if I wan go market and buy soup things, I should go cashless? I should tell that woman selling pepper that I want to transfer?
When Aboki repair my shoe, I should pay him with transfer?
When I buy akara by the roadside, I should tell the woman to give me her enaira account?

U are a liar if u say u don't carry cash in Nigeria

...And there was a country

I don't understand why people are blaming POS operators.. are POS operators banks? I spent 600 on transport to the bank only for GTB to pay me 5k, while the POS operator in my street is charging 200 for 5k.
My sister has a POS business and every morning, she goes to different banks and they give her what they're paying everyone else. There are no preferential treatments. Where are these ignorant statements coming from?
POS operators get cash from shops and sometimes they buy it. And if they buy it, they add extra charges.
Blame the scarcity on your government agency responsible for money and the people that have stashed cash at home for the holidays. POS operators are not the cause of this scarcity.
FYI the limit is 500k every week for a single account, not 150k per day as some people have written.

Information is power.

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

I think you should shut up.
Defending nonsense, did you say this during Emefiele

This is just disgraceful. Nowhere in the world does this happen, where we have to buy our own currency for God's sake. Why are we Nigerians like this? Why do we sabotage the system the way we do?

HelipsTech:
I think you should shut up.
Defending nonsense, did you say this during Emefiele

why are u venting frustrations on me?
I am not the cause of ur misfortune, go and meet ur father

richmond500:
POS people are always looking for money, they don't have money most times, so if u put 10m in ATM, they will finish it.
Also banks can't put so much in ATM cos since the selling of naira starts, most businesses don't deposit in banks again and banks always have shortage of cash, some banks now give only 50k daily in counter, so they can manage their money well, 2yrs ago, u could even withdraw 2m if u want.

All these was caused by Emeifiele wickedness

you don't get what I'm saying.

People stopped taking cash to bank because they know they won't get it back.

Inflation made naira useless, so the right thing is to print more cash or increase denomination. (Meaning they should create 5000 notes)

For example, what you used to buy for N500 is now N1500 - 3000. That means if you have 500 naira on you, you will have to pay N1500-3000 cash for the same product.

Now you need atm to dispense more money to meet demand for cash, but banks are not doing that because they likely don't have it.

And cbn are not printing as they should or increase the denomination to meet up with the reality because they don't know what they are doing.

Instead they want to blame imaginary enemy like POS operator.

POS operators don't have more money than banks. And they can't keep plenty money at home either.

If they have that kind of money, most of them won't fe pos operators.

This is artificial scarcity. It seems to me that the cbn is deliberately creating this scarcity to increase the value of the naira against the dollar.

Ezicool9:
Even if you stop all POS from cash withdrawal Nigerians will still do transfer and collect cash, they will just look for a way around it.

What I’m trying to say is that../ you can buy food and services and pay through your card with POS

All withdrawal should be suspended…

If you need cash go to the bank

Sleekfingers:
They are also part of the problem. ...

POS operators are just trying to make ends meet Oga - especially those who do it as a stand alone business!

Sometimes they go through hell just so they could get access to these cash to run their business!

They are not the problem oga!

On the contrary, they are live savers - it's convenient, it's accessible, there's no long queue - the only issue is the charges which is quite unreasonable atimes!

Whole problem started when Emefele test ran that cashless policy and the new naira notes ordeal!

People lost trust in the banks.... Imagine having money in your account but you can't access it?

BigDawsNet:
What I’m trying to say is that../ you can buy food and services and pay through your card with POS

All withdrawal should be suspended…

If you need cash go to the bank

Yea, life is not in black and white as you see it brother!

The banks are not always accessible and nobody has that time to wait for banks to open by 9am or 8am as the case may be and then you have to queue - and after the queue you are limited to what amount you can withdraw from your account!

Imagine a teller telling me that she can't give me 20k, that it has to be 5k! That if I need more I should use the ATM! Guess what, the ATM has no cash!

NinjaMetahuman:
you don't get what I'm saying.

People stopped taking cash to bank because they know they won't get it back.

Inflation made naira useless, so the right thing is to print more cash or increase denomination. (Meaning they should create 5000 notes)

For example, what you used to buy for N500 is now N1500 - 3000. That means if you have 500 naira on you, you will have to pay N1500-3000 cash for the same product.

Now you need atm to dispense more money to meet demand for cash, but banks are not doing that because they likely don't have it.

And cbn are not printing as they should or increase the denomination to meet up with the reality because they don't know what they are doing.

Instead they want to blame imaginary enemy like POS operator.

POS operators don't have more money than banks. And they can't keep plenty money at home either.

If they have that kind of money, most of them won't fe pos operators.

God bless you for this analysis! The most these operators use is 300k if e too much be that, but most use way lower than that and it's an easy entry business!

If most have money to rent shops, trust me, they'd do better businesses - because majority of POS businesses are complimentary, people combine them with business they already do

POS/ provision
POS/ tailoring
POS/ drinks
POS/ drugs store
POS/ cosmetics

Etc

Ishilove:
This is just disgraceful. Nowhere in the world does this happen, where we have to buy our own currency for God's sake. Why are we Nigerians like this? Why do we sabotage the system the way we do?

Yea, very disgraceful something ooo

But I wouldn't see pounded yam, egusi soup well cooked with chicken and still want to eat peanut!

Give people better opportunities and watch them delve into more productive ventures

Juoflife1:
I don't understand why people are blaming POS operators.. are POS operators banks? I spent 600 on transport to the bank only for GTB to pay me 5k, while the POS operator in my street is charging 200 for 5k.
My sister has a POS business and every morning, she goes to different banks and they give her what they're paying everyone else. There are no preferential treatments. Where are these ignorant statements coming from?
POS operators get cash from shops and sometimes they buy it. And if they buy it, they add extra charges.
Blame the scarcity on your government agency responsible for money and the people that have stashed cash at home for the holidays. POS operators are not the cause of this scarcity.
FYI the limit is 500k every week for a single account, not 150k per day as some people have written.

Information is power.

You just earned a follow from me for this comment!

God bless you!

They don't get the point!

If banks were the only ones giving cash as it used to be, you'd mostly always queue to get your money and not only that... What about transport to go there? They think everyone lives close to the bank, or that there's a functional bank in every street in Nigeria...

The government is to blame for this - no jobs hence people do POS businesses! And then the money in circulation is still as it is despite the inflation

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

Go back and reread the report for comprehension. You missed the point because you didn't read the report you are commenting on

It will not be better for Emefiele where ever he is he started this....
Banks keep money for celebrities and for clubers in times like this and deprived their regular customers that gives them regular income, the funniest part is that banks don't do this rubbish during sallah time..

LiveData:
POS operators are just trying to make ends meet Oga - especially those who do it as a stand alone business!

Sometimes they go through hell just so they could get access to these cash to run their business!

They are not the problem oga!

On the contrary, they are live savers - it's convenient, it's accessible, there's no long queue - the only issue is the charges which is quite unreasonable atimes!

Whole problem started when Emefele test ran that cashless policy and the new naira notes ordeal!

People lost trust in the banks.... Imagine having money in your account but you can't access it?

Oga, they are part of the problem like I said.....you just buttressed my point. With what you wrote .
. I didn't say they are the major problem. But they are part of it.
. Which lifesaver? I don't patronize them . And I know lots of people who don't . I still find it annoying to pay some clowns to withdraw my money .

at this point anyone that has no other means for payment had better forget me as a customer as I cannot be losing money just to give you cash, 7000 for 20000, what rubbish

richmond500:
so if I wan go market and buy soup things, I should go cashless? I should tell that woman selling pepper that I want to transfer?
When Aboki repair my shoe, I should pay him with transfer?
When I buy akara by the roadside, I should tell the woman to give me her enaira account?

U are a liar if u say u don't carry cash in Nigeria

Yes, you can buy stuff in the market without carrying cash. Itstimenigeeia move forward and stop retrogressing. I don't live I Nigeria and for any transac6ion I do, I don't use cash. Ifother countries can do that,why can't Nigeria or is it only the negative we love to copy?

richmond500:
we have been having cash issue for the past one year, this is not about Christmas.

And also POS was not set up because there was cash scarcity in Atm machines, it was to bring money to ur doorstep and not having the problem of walking towards ATM stand and waiting in line. Scarcity of Naira started with Emefiele policy

Cash scarcity started with Emefiele? Perhaps you've not been making withdrawals.

There has always been cash scarcity in Nigeria banks.

Since Nigerians have refused to adopt cashless means for microtransactions such as paying bus fares or even buying ordinary pepper at the local market, we will continue to face avoidable issues such as this current cash scarcity.
We should be able to make/accept cashless payments for items as low as N500.

There's Momo, Opay, PayByScanning QR codes, Tap to pay etc. already existing in Nigeria that can make these micro payments seamless but no, everybody insists on holding cash! No problem, let us continue paying outrageous charges like N1500 to withdraw N40k from POS operators! Let's continue fooling each other!

adenigga:
Source: https://punchng.com/Business-booms-for-naira-traders-as-bankers-collusion-worsens-scarcity

With moniepoint, opay, and plenty of them, what is anybody needing lots of cash for

Sleekfingers:
Oga, they are part of the problem like I said.....you just buttressed my point. With what you wrote .
. I didn't say they are the major problem. But they are part of it.
. Which lifesaver? I don't patronize them . And I know lots of people who don't . I still find it annoying to pay some clowns to withdraw my money .

Haha "some clowns"

I guess you live very close to the bank!

When bank charges people you don't complain ... But POS charges you call them clown

Should I remind you that back then, when you use your card 3 times in a bank that is not yours the bank charges you

When you receive money above 10k now, you're charged N50 as tax before bank charges you again!

Oga, fear God! If work dey all these POS for no dey in the first place!

People are trying to makes ends meet - you dey vex!

POS = life savers!

Any day, anytime

Offpoint1:
Cash scarcity started with Emefiele? Perhaps you've not been making withdrawals.

There has always been cash scarcity in Nigeria banks.

Please tell them

Brilliancepower:
With moniepoint, opay, and plenty of them, what is anybody needing lots of cash for

This is another angle.... Personally I don't carry cash again.... I just do my transactions via cash transfer

And market women are adopting too - God bless that fish seller, I have her aza as beneficiary, I just transfer and collect my goods

Offpoint1:
Cash scarcity started with Emefiele? Perhaps you've not been making withdrawals.

There has always been cash scarcity in Nigeria banks.

I was a student even before Emefiele became CBN director, so u have been withdrawing money from ATMs.
Yes, sometimes there won't be money in ATM machines but it was never this bad

kevoh:
Since Nigerians have refused to adopt cashless means for microtransactions such as paying bus fares or even buying ordinary pepper at the local market, we will continue to face avoidable issues such as this current cash scarcity.
We should be able to make/accept cashless payments for items as low as N500.

There's Momo, Opay, PayByScanning QR codes, Tap to pay etc. already existing in Nigeria that can make these micro payments seamless but no, everybody insists on holding cash! No problem, let us continue paying outrageous charges like N1500 to withdraw N40k from POS operators! Let's continue fooling each other!

Abi now!

Problems would always mean good business to other people

LiveData:
Haha "some clowns"

I guess you live very close to the bank!

When bank charges people you don't complain ... But POS charges you call them clown

Should I remind you that back then, when you use your card 3 times in a bank that is not yours the bank charges you

When you receive money above 10k now, you're charged N50 as tax before bank charges you again!

Oga, fear God! If work dey all these POS for no dey in the first place!

People are trying to makes ends meet - you dey vex!

POS = life savers!

Any day, anytime

All right . No problem

This part got me angry 😠 (CBN’s current monetary policy aims to reduce inflation and stabilize the exchange rate.

“To achieve this, they must mop up excess liquidity in the system. So, some of what you are observing may be a consequence of the CBN’s efforts to reduce liquidity in the economy.”)
So after working my ass off, struggling to make money, the CBN will size down money, in d name of controlling on imaginary inflation, how else would u describe man inhumanity to man. Am sick of this country.