Dis thread is producing low and off topic discussions throough out this last week. There is nothing to discuss again, now I can see dat the thread was not moving for last two years plus. If you can see the activities of the thread is very low though I might be di only one noticing it in that way. Those who are good in bitcoin are quite, and politics will be remove from do the thread next month. As it is I am confused here. The free flow of discussion is...
Those who are good in bitcoin brought topics let discuss.
Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 21. (Read 732791 times)
December 12, 2022, 05:23:23 PM
December 12, 2022, 04:01:56 PM
I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly). Too bad.
Abeg, make we dey try understand tinx B4 we dey criticise it. Dis new withdrawal policy I beliv d policy go help country to taku insecurities and corruption flow.
* make we no sai we fit transfer one billion if we like,u fit spend one million in a day if you like but it must b traceable by use of cheque, transfer, pos.
*u must not have more than 20, 000 naira cash with u in a day. Imagine if robber now no sai they can't get more than 50,000 thousand naira with family, with all their efforts. How many go dey play Dat risk game?
* imagine if kidnappers no sa they go wait for 30 years to collect Ransome of 10 million naira only. and then go have to five 10 years to deposit it in their account to be able to use it. Na big wahala for dem
Abeg make na give dis policy chance,It will b gud for our economy and security.
Back to the topic of discussion, let me make a quick point of clarity, the #20k daily limit on withdrawal does not mean only 20k can be withdrawn in a day but there is another part that stated that if individual want to withdraw above that amount there will be subject to pay 5%-10% processing fees. Alot of Nigerians don't read the thing before they react to them and social media also have not helped the matter with fake news all around instead of spreading awareness about the new policy, they're busy complicating issues and trying to confuse the gullible public.
December 12, 2022, 03:20:24 PM
Quote
The new cash withdrawal limits will have tax implications especially for individuals and MSMEs.
As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.
This will trigger various tax obligations including:
Income tax: If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.
If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.
VAT: All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.
PAYE: All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.
Individuals: The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.
What to do: If you're a small business owner, you need to take some steps now:
1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)
2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.
3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.
As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.
This will trigger various tax obligations including:
Income tax: If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.
If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.
VAT: All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.
PAYE: All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.
Individuals: The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.
What to do: If you're a small business owner, you need to take some steps now:
1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)
2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.
3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.
With all dis things wey you don highlight more about the new policy of the CBN, it makes more sense if d general public knows more about the benefits of it here. Dis will help d economy of the country and help reduce crime rate for the country. I hope dis is just as they’ve said it and they don’t have any oda purpose for mind. Because our naija leaders just get as dem dey be when money don dey involved to lobby for themselves. E go better no be today matter, we dey hopeful say things go beta for good soon.
December 12, 2022, 12:45:49 PM
Quote from: CryptSafe
Comrades join me to celebrate and thanking God for a successful academic Programme. The journey was not as smooth as it should be neither was it bed of roses but God saw me through my years in the Rivers State University, Port Harcourt. Irrespective of the challenges encountered during the process, it all ended in praise.
Comrades, it is with great joy I made this post here for you to join me thank God for achieving this height in academics as a Researcher and an Agricultural Extensionist /Administrator.
Yesterday Saturday the 10th of December 2022, I officially rounded up.
May the Lord God Almighty who made it possible for me make it possible for all of you in all your endeavors.
Glory be to God.
congratulations bro, this is the kind of good news I love to hear from this forum because is not easily for someone to achieved such certificate in this present government that is making people to struggle to feed. Cryptsafe , I no dis forum really contribute to ur academy which u will never forget to do everything possible to appreciate people dat made dis platform available for members like us to enjoy and to grow well in the community, Once again congratulation cryptsafe for ur new achievement.
December 12, 2022, 12:39:51 PM
I hope say nobody go dey above the law for this matter
U reli beliv say pple no go dey abov d law? Som pple 4 d naija already bin don nd still dey a lik say, we no go constitution 4 d nation nd truly, ntin dey sup nt 2 talk of dis one way b smal mata.I doubt say, dis policy way dem bring so go affect any bigman 4 d nation. Who wan dey check am cef, abi na as we dey relate am to forth Co.ong election mata. U nd me knw say, Tinubu or Atiku, no go ft enter any bank 4 we naija con talk say, dem wan collect 10m in a day nd get bounced bck, e no go happen.
If na bribe dis men wan offer 4 volt, d money to use run am go comot 4 volt if, dem nevr evn comot am already.
E ft help dem small shah wth cost of printing notes.
D way I see dis policy, na jst law 4 common man, e no pass lik dat. D nation as e be, no b all of us get am again.
December 12, 2022, 11:04:23 AM
Open a separate bank account for your business (or one for that purpose if you already have a business account) and don't mix business with personal transactions.
This na d one wey make we take serious o,this na serious security issue na e this mata dey about and to stop plenty bad things wet the love of money dey make pple do. The ilaw go help but e too soon my mind dey tell me say maybe na because of election make this people dey rush make e start on the 9th next year.
I hope say nobody go dey above the law for this matter because those bankers are corrupt,them go fit give big CA's out coded to these individual politicians so that them go get their own cut. Nigeria dey always put law to affect poor man pass o. Before u know now dem go dey pass backyard go dey collect 10 million cash.
December 12, 2022, 07:13:20 AM
I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly). Too bad.
Abeg, make we dey try understand tinx B4 we dey criticise it. Dis new withdrawal policy I beliv d policy go help country to taku insecurities and corruption flow.
* make we no sai we fit transfer one billion if we like,u fit spend one million in a day if you like but it must b traceable by use of cheque, transfer, pos.
*u must not have more than 20, 000 naira cash with u in a day. Imagine if robber now no sai they can't get more than 50,000 thousand naira with family, with all their efforts. How many go dey play Dat risk game?
* imagine if kidnappers no sa they go wait for 30 years to collect Ransome of 10 million naira only. and then go have to five 10 years to deposit it in their account to be able to use it. Na big wahala for dem
Abeg make na give dis policy chance,It will b gud for our economy and security.
December 12, 2022, 03:18:39 AM
NEWS UPDATE: House of reps orders CBN to halt new cash withdrawal limit[/color
Unfolding information wey you suppose know about the daily and monthly withdrawing limit wey CBN implement give all Nigerians. Things you should to do or know as a business owner or as an individual wey d for the country(Naija). Take note of all this and help spread the information for people wey get small or big businesses. Quote
The new cash withdrawal limits will have tax implications especially for individuals and MSMEs.
As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.
This will trigger various tax obligations including:
Income tax: If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.
If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.
VAT: All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.
PAYE: All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.
Individuals: The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.
What to do: If you're a small business owner, you need to take some steps now:
1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)
2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.
3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.
As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.
This will trigger various tax obligations including:
Income tax: If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.
If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.
VAT: All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.
PAYE: All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.
Individuals: The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.
What to do: If you're a small business owner, you need to take some steps now:
1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)
2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.
3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.
December 12, 2022, 02:56:26 AM
source:https://www.premiumtimesng.com/news/568710-inec-announces-dates-for-pvc-collection.html
The Independent Electoral Commission has commenced the issuance of the permanent voters card PVC for those individuals that did their registration in this year 2022, from today 12th December to January 22nd, 2023. We're all encouraged to go the commission office in all our local government areas or wards to collect our cards through Mondays to Sunday's 9am to 3pm.
Please let's do well to go get our PVC as it is that only possibly legit means for us to elect the kind of good leaders we all hope for in our country. Don't exclude yourself from the process, come out even on the election day and cast your vote, "for bad men get into governance because good men sit down and do nothing". The 2023 is just about 74 days from now.
NAIJA go beta!
December 11, 2022, 07:07:48 PM
Sha I been never talk for this matter since e come up so make I talk small, people wey think say POS people go run out of business no understand wetin this new rules go do for them.
Government say na only ATM go dey remit 2,2 hundred Naira note oh dem no say POS follow and beside POS na individual businesses wey fit dey remit any denomination wey dem want meaning businesses go dey go well for dem. The maximum limit go affect everyone sha but with POS you fit they collect 200, 500, 1000 etc and trust Nigerians dem go use fees kill us.
When people talk of POS services running into issues, the question here isn't the denomination they would be able to pay to customers. PoS service is a business were customers make a transfer either through their ATM card (remember that the limit on PoS terminals is now 20k daily) or mobile banking (most Nigerians can never reach the daily limit on this very one Government say na only ATM go dey remit 2,2 hundred Naira note oh dem no say POS follow and beside POS na individual businesses wey fit dey remit any denomination wey dem want meaning businesses go dey go well for dem. The maximum limit go affect everyone sha but with POS you fit they collect 200, 500, 1000 etc and trust Nigerians dem go use fees kill us.
) in return for cash, thus if cash is scarce/unavailable, they (PoS services) wouldn't have sufficient funds to pay to their customers who would make transfers to them, thus reducing their daily income. Having said that, Mind you that they themselves also have to withdraw the said cash they pay to customers from the bank, and now there is a 100k weekly limit at ATM stands, whilst over the counter banking allows 100k and 500k weekly for individuals and corporate organizations respectively, with 'outrageous' charges if you decide to go above those limits. It definitely is going to affect big PoS services because most of them pay amounts higher than these to their customers daily.
December 11, 2022, 06:11:32 PM
I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly). Too bad.
Anyone wey dey fight dis withdrawal limit is either ignorant or be enemy of progress bcos dis no go affect anybody badly. Even d POS people wey dey talk, special package dey 4 dem, but it must be properly documented. And our senate/rep wey dey talk, na their self interest dem dey fight for, e no go be business as usual 4 dem, but nobody fit missout 4 dis, not even d rural area people wey CBN don engage 1.4 million super agents to cater for.
Make everybody save their weekly cash of N100K for small spending and transfer for higher spending, simple!
December 11, 2022, 05:12:36 PM
I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly). Too bad.
December 11, 2022, 04:35:51 PM
NEWS UPDATE: House of reps orders CBN to halt new cash withdrawal limit
Following the announcement wey CBN make, say dem wan limit the withdrawal of cash to N20,000 daily and N100,000 weeky for individuals and N100,000 daily and N500,000 weekly for organisations wey suppose take place on 9 Jan 2023. The house of reps no gree at all about this recent infoment, and as a result them don order CBN to stop the implementation of this new policy and them don send the CBN governor Godwin Emefiele letter make him appear before the house on 15 December 2022, make him come torchlight about the new policy and tell them why dem go allow am to stand.
https://community.thenationonlineng.net/forum/breaking-house-of-reps-orders-cbn-to-suspend-new-cash-withdrawal-?xg_source=twitter
Following the announcement wey CBN make, say dem wan limit the withdrawal of cash to N20,000 daily and N100,000 weeky for individuals and N100,000 daily and N500,000 weekly for organisations wey suppose take place on 9 Jan 2023. The house of reps no gree at all about this recent infoment, and as a result them don order CBN to stop the implementation of this new policy and them don send the CBN governor Godwin Emefiele letter make him appear before the house on 15 December 2022, make him come torchlight about the new policy and tell them why dem go allow am to stand.
https://community.thenationonlineng.net/forum/breaking-house-of-reps-orders-cbn-to-suspend-new-cash-withdrawal-?xg_source=twitter
CBN na independent body na, Reps no fit order them to stop anything abi I dey confused the power wey CBN get when e comes to monetary issues like this. If them get the support of the president then e supposed be one way ticket to implement any policy wey dem know go favour our currency. Sha I been never talk for this matter since e come up so make I talk small, people wey think say POS people go run out of business no understand wetin this new rules go do for them.
Government say na only ATM go dey remit 2,2 hundred Naira note oh dem no say POS follow and beside POS na individual businesses wey fit dey remit any denomination wey dem want meaning businesses go dey go well for dem. The maximum limit go affect everyone sha but with POS you fit they collect 200, 500, 1000 etc and trust Nigerians dem go use fees kill us.
Baba... abeg I dey find am difficult to use the poll, I done touch the options wey I wan pick but e no dey response, and I come dey reason am say maybe the time for the poll done elapse, and another thing be say no be only thread I dey encounter this difficulty. Abeg why e be like that? abi e get wetin I no dey do right?
After you click the option wey you want, click submit vote. If you no click the submit vote then vote no go count.
Boss just incase una still dey debate this matter see my bank don send me email and it's really disheartening how this people no dey even consider the common man
December 11, 2022, 04:32:36 PM
One of the things people failed to mention each time is the other column of the policy that stated that if a citizen wants to withdraw an amount above twenty thousand nairas will pay fees of %5 and 10% respectively. That means citizens have not restricted to only a daily 20k per day withdrawal but can withdraw above that amount if they are ready to pay the fees which will become taxes for the government.
Na here u tak talk am finish. I nevr bin tak note of dis side until nw way u don emphasise on am. Bt no naw, 5% - 10% na big moni b dat na. E much abeg! Dem no want mak pple dey deposit again b dat o becus, any moni way commot 4 bank, e no go dey go back bank b dat nd nw as I dey reason am, na everyday withdrawal b dat o. Pple go jst dey withdraw to hold even wen dem no need money. Dat go mak d ATM queue nd bank queues dey long nd tiring.Dis policy get plenty rough edge. And we knw say, no b evrytime way dis transfer tin dey go successfully. Delays dey result normally nd evn wen u try resolve am, most times, dem go guv u 21working days... I'm if na persn business capital hang lik dat, na wahala o. Mak dem for review dat policy abeg, e too harsh. All dis govment matter eh, tell me why crypto no go swit us!
And why will they add such a huge tax to people withdrawing their own money. It is well anyway
December 11, 2022, 04:17:36 PM
You no need to bother yourself too much about this matter my guy, if dem implement dis then even the market people go improvise, na because dem never introduce am you dey reason say e go hard. Even person wey no go school now fit operate and use ATM machine. Before dem introduce am for even civil servants to dey collect money from bank instead of table payment dem been grumble but now dem prefer am like that. Anything wey person put head say him go do, e go definitely work out like that. Make we just dey watch see how the matter go be after dem implement am because I no see any reason wey dem go stop am now since e don reach dis stage like dis.
The thing be say for this our very country we like to jump into conclusions without proper investigation and analysis. We go just sit down for chambers dey talk I hear say this and that. If you really take out time to go through this new policy you go realize say CBN really try with this new policy. Is not that you can not spend more than 20k a day as majority of us dey think. You go fit spend millions or billions of naira a day but all transactions must be traceable na wetin CBN dey try achieve be that. Even the reps wey wan make dem reverse the policy na for their selfish interest and not for the interest of Nigerians. December 11, 2022, 02:48:00 PM
One of the things people failed to mention each time is the other column of the policy that stated that if a citizen wants to withdraw an amount above twenty thousand nairas will pay fees of %5 and 10% respectively. That means citizens have not restricted to only a daily 20k per day withdrawal but can withdraw above that amount if they are ready to pay the fees which will become taxes for the government.
Na here u tak talk am finish. I nevr bin tak note of dis side until nw way u don emphasise on am. Bt no naw, 5% - 10% na big moni b dat na. E much abeg! Dem no want mak pple dey deposit again b dat o becus, any moni way commot 4 bank, e no go dey go back bank b dat nd nw as I dey reason am, na everyday withdrawal b dat o. Pple go jst dey withdraw to hold even wen dem no need money. Dat go mak d ATM queue nd bank queues dey long nd tiring.Dis policy get plenty rough edge. And we knw say, no b evrytime way dis transfer tin dey go successfully. Delays dey result normally nd evn wen u try resolve am, most times, dem go guv u 21working days... I'm if na persn business capital hang lik dat, na wahala o. Mak dem for review dat policy abeg, e too harsh. All dis govment matter eh, tell me why crypto no go swit us!
December 11, 2022, 12:51:43 PM
Comrades join me to celebrate and thanking God for a successful academic Programme. The journey was not as smooth as it should be neither was it bed of roses but God saw me through my years in the Rivers State University, Port Harcourt. Irrespective of the challenges encountered during the process, it all ended in praise.
Comrades, it is with great joy I made this post here for you to join me thank God for achieving this height in academics as a Researcher and an Agricultural Extensionist /Administrator.
Yesterday Saturday the 10th of December 2022, I officially rounded up.
May the Lord God Almighty who made it possible for me make it possible for all of you in all your endeavors.
Glory be to God.
December 11, 2022, 12:11:44 PM
NEWS UPDATE: House of reps orders CBN to halt new cash withdrawal limit
Following the announcement wey CBN make, say dem wan limit the withdrawal of cash to N20,000 daily and N100,000 weeky for individuals and N100,000 daily and N500,000 weekly for organisations wey suppose take place on 9 Jan 2023. The house of reps no gree at all about this recent infoment, and as a result them don order CBN to stop the implementation of this new policy and them don send the CBN governor Godwin Emefiele letter make him appear before the house on 15 December 2022, make him come torchlight about the new policy and tell them why dem go allow am to stand.
https://community.thenationonlineng.net/forum/breaking-house-of-reps-orders-cbn-to-suspend-new-cash-withdrawal-?xg_source=twitter
Following the announcement wey CBN make, say dem wan limit the withdrawal of cash to N20,000 daily and N100,000 weeky for individuals and N100,000 daily and N500,000 weekly for organisations wey suppose take place on 9 Jan 2023. The house of reps no gree at all about this recent infoment, and as a result them don order CBN to stop the implementation of this new policy and them don send the CBN governor Godwin Emefiele letter make him appear before the house on 15 December 2022, make him come torchlight about the new policy and tell them why dem go allow am to stand.
https://community.thenationonlineng.net/forum/breaking-house-of-reps-orders-cbn-to-suspend-new-cash-withdrawal-?xg_source=twitter
Government say na only ATM go dey remit 2,2 hundred Naira note oh dem no say POS follow and beside POS na individual businesses wey fit dey remit any denomination wey dem want meaning businesses go dey go well for dem.
But the only solution to this will be if CBN limit only cash withdrawal, while making mobile transactions unlimited whereby a user can transfer over a million naira daily without restrictions, then this will be a success. But in a scenerio whereby this also affect our daily transfer limit to only #20,000 while weekly #100,000, then that means our economy is dome.
I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly). Too bad.
December 11, 2022, 11:59:47 AM
You are incorrect. Individuals have a daily mobile transfer limit of 5 million, while cooperatives have a daily transfer limit of 10 million. If you want to transfer more than the daily limit, there is a fee, and how many Nigerians use 100k cash weekly? Furthermore, I am aware that the majority of heavy shopping is done with a credit card. Who buys cars with cash? In Nigeria, you guys are hilarious.
The idea of this development is to encourage the cashless policy that the government has been trying to start for a while and the use of the E-naira. The big friction with this issue is that it is coming just after CBN letting us know that the have redesign the naira, everything just dey happen too quickly, and the changes dey hard to come to terms with suddenly. If the agenda is to get lesser cash in circulation and more cashless deals, I hope say government get plans for these banks to improve their network, because banking reception recently for most banks have been really very poor. The next day I try my ATM card to activate am no way I complain,them say e no go work say I nid to pay for new ATM card again but wey dem go use my new phone number create. Why dem no just tell me this simple thing in the beginning instead of wasting my time. Banks are now on poor customers care service I just hope God will not allow all our transfers wey we go dey do then hang for air to reflect back later bcos we fit loose the treasure wey we won buy at that moment.
Nothing be like say u dey suffer me,I no reason am then u come still dey deprive me from my food wey I won eat now and no be u provide am for me. What if APC no come win this election, na e be say this policy no go work o bcos for house of rep not to know e mean say na coded discussion. Once na e the new government go sack Emefiele. I won ask so una mean say if this law take effect politicians no go fit dey keep money for different funny places for house?
December 11, 2022, 11:56:14 AM
You are incorrect. Individuals have a daily mobile transfer limit of 5 million, while cooperatives have a daily transfer limit of 10 million. If you want to transfer more than the daily limit, there is a fee, and how many Nigerians use 100k cash weekly? Furthermore, I am aware that the majority of heavy shopping is done with a credit card. Who buys cars with cash? In Nigeria, you guys are hilarious.
The idea of this development is to encourage the cashless policy that the government has been trying to start for a while and the use of the E-naira. The big friction with this issue is that it is coming just after CBN letting us know that the have redesign the naira, everything just dey happen too quickly, and the changes dey hard to come to terms with suddenly. If the agenda is to get lesser cash in circulation and more cashless deals, I hope say government get plans for these banks to improve their network, because banking reception recently for most banks have been really very poor. The redesign of the Note was the first attempt to control total circulation and improve security, and it was a necessary step toward a cashless policy. Before implementing a cashless policy, it is necessary to first control the total supply and the amount of naira in circulation. The cashless policy was announced during the GEJ administration, but he failed to make it work; after redesigning the N50, N20, N10, and N5 notes, he abandoned the project. We now have a plethora of microfinance banks that provide excellent services. Things may be difficult at first, but this will benefit Nigerians in the long run.
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