₦airaland Forum

PrinceOfLagos:
It's a shame that a nonentity like Tinubu wants to be president of this country

The consequences of voting the Daura Dull.ard for a second term! Now, every incompetent Dick and Harry thinks they can be president. They were warned then of setting a bad precedent, now the precedent has come!

Raphaelmary:
Have you no shame?

Can you shame the shameless? The shameless can never be ashamed!

gunuvi:

Very shameful. How did we even get to this situation as a country?

By voters exhibiting amnesia of sufferings in the years before an election and by being tribalistic and having religious sentiments!

cyndylove64:
lmao .... Girls go look down on guy when him wallet full of 200naira notes lol....

Omoapena:
Nope.
This is best time for their business...


They will have access for more cash through withdrawal form and people that needs more than 20k cash will have to goto POS to get the cash cuz ATM won't dispense it, so more money for POS investors...

That is if the withdrawal form gives them access to the treasured 1000 naira notes over the counter. Because if they withdraw 200 naira notes, the cash with them will be bulkier which is an attraction for armed robbers!

Aboguede:
Broda, biko elaborate. I own 1 and I wan know

If you own one, time to padi with the cashiers and bank officials for smooth operation when the law goes into effect. Time to also know how to pay bribes to them over the counter also to get the treasured 1000 naira notes.

yemmit90:
Is like you don't get it. Every penny collected at ATM and OTC won't go back to the banks. People would rather hold for future purpose than returning it to banks.

Exactly!

SmartyPants:
By withdrawing over the counter?

And bribing the cashiers for 1000 naira notes denominations?

timefarm:
This will only discourage people from ising banking system more and keep their money at home.

Unfortunately, more business for armed robbers.

You can say that again bro!

BennyDGreat:
People carry cash for fast transactions knowing the bank networks are not reliable.
I was somewhere today and a man had to leave in a hurry as they couldn't confirm his transfer.
He will have to come back tomorrow to pick up his goods when payment has been confirmed...stress

You see that!

knowhowk:
POS that have strong Financial stand ot has a connection with bank Officials would make it now..


Say U have like 3 Million Naira Cash .
And when you exhaust it ,you put a call to the bank Officer ,u go in withdraw cash and leave no quieing up ..

Cool Business .

You can say that again! A lot of bribing of bank officials especially the cashiers will happen under this new regime to get the treasured 1000 naira notes not in the ATMs.

BennyDGreat:
Does 20k look like a reasonable threshold...you sef reason am...the policy will summersault....what can 20k buy you in the market....shey na yam seller u go dey do transfer to or pepper seller...

You dey reason that guy!

cyndylove64:
am telling
I always make sure I use 1000ATM ... Thinking of 20k withdrawal in 200 denomination....omo I can't...I hate such notes

Me too. I don't even know which man's wallet can hold such 20k in 200 naira denominations SMH. Na to dey keep am for house na e remain! SMH.

Biafraaa:
Seems like here is where Opay will come in.
Or did they include Opay in this new madness policy?

Opay is a payment service bank (PSB) so Yes. No way to circumvent this policy. Except the POS guys can be creative by withdrawing 1000 naira notes over the counter through bribing the cashiers in the bank and agreeing with customers for over 20k withdrawals over more than 1 day for the same POS withdrawal fees like before. That is the only way out.

Kayyus09:
POS business will be more profitable

More withdrawals for the same amount unlike before (especially those over 20k). Downside is they will now be targeted by armed robbers due to the amount of 200 naira notes they will be carrying around. Only way round this for POS guys is to withdraw 1000 naira notes over the counter! If not, e no go make sense o!

yemmit90:
They will not as far as it does not affect electronic fransfer.

The implication of this policy is that, there would be too much money in circulation as people won't take their cash to the banks anymore. They would rather keep cash at home having known that they may unable to withdraw a certain amount if there is need for it. POS guys too will keep alot of cash instead of taking them to bank.

#200 or less denominations at ATM is more than enough to discourage heavy withdrawal. The policy will do more harm than good.

You can say that again about doing more harm than good as a lot of people will be keeping money in their houses which attracts armed robbers unfortunately SMH. This policy will soon have a somersault as their useless bad policies they keep churning out from time to time (see NIN).

Bonesbreaker:
This is bad

More than bad! Infact, worst!

bonianyi:
This may not be a good idea at the end.

It wasn't even a good idea in the first place! Where is Mr. Femi Falana when you need to put this case in court until that fool of a CBN governor leaves?

RomanGreen:
Dude shut up, you're in LA where withdrawals above certain thresholds aren't allowed yet you calling nonsense here. Cashless policy is in full swing in advanced LA but you don't want it abi....bad belle

0de! Is LA and here the same economy? Reason am na!

lrman:
So what if you go to a shop to buy a product with price of more than 20k..?? That means you cannot pay via pos unless you use a bank transfer ??smh..

That is another question but it looks like it is a Yes in the affirmative o. This is the worst policy I have ever seen in my entire life!

OboOlora:
Another one from Emefelie, undisputably the most useless CBN Gov the country ever had!

Can't Nigerians get a perpetual injunction on this policy so it doesn't see the light of the day? Our lawyers in the house we need an answer to this.

Earlystar698:
Operation kill pos

You can say that again!

Akinsete19:
Na to keep money for house, sure pass

Abi and to dey queue for ATMs na e remain. Because I no sure how POS guy go give person 100 notes of 200 naira each? APC and their retrogressive policies SMH.

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

Worst policy ever! For people that withdraw from POS, we should be moving with a lot of cash notes or be paying multiple POS fees to withdraw small amount of notes? This is a very dumb idea! Well, I hope the people who voted in APC the second time are now seeing the consequences of their actions.

Reinaldo:
He asked people to answer questions on his behalf. Not a good sign. And when you add this to the long list of worrying signs we have seen, not a great candidate in my humble opinion.

You can say that again!

sircatherine45:
It's a shame.... Ghana throwing a precious spot because of emotions... it's too late to draw this match, except the gods of football intervene.

Abi, anything done with a lot of emotions usually ends up bad! Such people lose the focus for the task at hand!

AcuraZDX:
No be small DJ Onisokuso

Agbado people are avoiding this thread like plague

Abi o. E dey hard to sell this kin market!

PrinceOfLagos:
A leading British American mental health counselor has taken a swipe on APC presidential candidate , Bola Tinubu.

Mr Guterman in his Tweet yesterday said that the only thing that isn't fake about Tinubu Is his history of corruption .

The comment has generated so many reactions from Nigerians and also angered Tinubu camp.

See tweet below

Source https://twitter.com/JeffreyGuterman/status/1597991563753582593?t=C9Qq5_0jZy-gh2_jRsuGwQ&s=19

Nlfpmod

We all know he is right except the BAT urchins

[quote author=AcuraZDX post=118825331]“Let us retiae-recreate Techno-LoLiCal-Up” — Tinubu drops another Gaffe In Bayelsa

Watch the video below

BalaBulu singer Is at it again 🙆🏾‍♂️🙆🏾‍♂️

“Let us retiae-recreate Techno-LoLiCal-Up” — Tinubu drops another gigantic blunder 🙆🏾‍♂️
•
•
Declan Rice • Otedola • Shola • Mistake • Aisha Buhari • Aminu • Bayelsa • GB WhatsApp • #TinubuInBayelsa pic.twitter.com/xIBqn6lLvn

— Chinaza Ⓜ️ (@MuchTalksBlog1) December 1, 2022

one *in DJ Khaled's voice* . DJ Baba Onisokuso is on a roll!

JASONjnr:
I tried to use the link and the response I get is that the government has blocked the content.....from circulation.....


Can Nigerian government go this far to shield a known idiot from displaying gaffes?

The government now shielding this guy? This is laughable!

[quote author=AcuraZDX post=118826396]"High prices is here, is gone" — Tinubu Drops Second Gaffe In Bayelsa


Wahala

Watch the video below

"High prices is here, is gone"
😃😃😃😁😁😁 pic.twitter.com/WbhpP72Ldd

— Yettie❤ (@Crezia001) December 1, 2022

Baba Onisokuso on the beat!