Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 24. (Read 1226870 times)

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.

I don't think, this law will work in this few months the government have to spend before a new government will take over because if this government try to impose this law to citizens, it will really collapse so many things in the land. There are many families who used to withdraw more than #100k in a day to feed their families and other things, and if this law work, it will really affect such families to survive in the country.
Government need to consider the disadvantages involve in dis CBN  new law, because it will reduce so many industries in the country which will be difficult for the country to fight poverty and insecurity in the country.

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.

And where POS people go get all the denomination of money wey them go give customers just like you said Sir Brainboss? Abi you forget say na people wey dey do POS business dey withdraw the highest volume on A.T.M daily?  Because this new policy will really affect slot of businesses and most especially P.O.S that have created over 1 million jobs all around the federation.
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.

The Central Bank of Nigeria is an independent body that enjoys autonomy and embedded with constipational right to formulate and implement policies that are for the betterment of the nation especially as long time concern the financial operations in the country. And I think this very money policy they have just promulgated is one policy in the right direction cause it is for the greater good. Just like you @bit_bender rightly said "this would help limit the excess use of cash flow  and may reduce or stop kidnappings and stealings(money laundering), also would make finding criminals easier". And for a policy that we all believe that it could bring a positive impact as this you had mentioned above, don't you think it's something worth applauding the CBN for?

This is a policy that even affects even the so-called corrupt politicians that they will not be able to easily move millions and billions easily anyhow, and that's why the other day the national assembly (senate) are condemning it making the ordinary citizens that doesn't know the great impact and value this new CBN money policy can positively add  to our country's currency and limit certain financial misappropriation and laundry. For me the positive impact of the policy outweighs the negative beyond comparison and it should be embraced with both hands.

Walahi...the fees go choke person.  Nigerians go must find way to regulate withdrawal to accommodate their charges. We sabi adapt to all this kind tins. The worst tin wet fit also happen na when the POS people for my locale join or form union.
No matter how independent CBN dey, e get body/bodies and organizations wey fit impede on their decisions as it concerns the nation. If none has the power to, na to brace ourselves for anything we see come the time when this new directive go dey active.

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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.


After you click the option wey you want, click submit vote. If you no click the submit vote then vote no go count.

Chairman I no know why of all the Tori I don read this morning na your make me laugh highest because e come be like say you don even give up on the country and if them wan sell the country, you no go even reason am.

But true true you really make sense aswear because one thing wey I use Sabi and trust my fellow country man na the ability to adapt to things easily.
E come be like say this new law wey CBN put so na out of anger and sentiment because how you go say a full running business upto 100 safe capacity and more ho withdraw only 500k?  The matter no pure and you see am say as the matter affect government, them don rush dey debate the matter because this people just wan cripple the government.
I still dey complain about #50 Dem dey comot for each money I receive and them say na electronic transfer and now them say make we no chop pass 50k a month or we go pay to use pass #50k.
JUST DEY PLAY 9JA

No be lie. This country every body don learn to take things the way e be whether naija wan change or amend all the whole things na still the same way we dey  follow up before nai we go still ajust follow up. One thing wey i like dis naija everyone and everything just deh change anyhow e no go surprise anybody say after now the set of politians nai go still come change this same law way dem don put.

As for the affecting wey the change go afffect na normal thing because wey changes occur for inside country e deh bring more of other changes nai make am new upgrade. So na to just pray make e too affect like that for the country . Bitcoin tarders go start to go longer time investment for their transactions before you fit don reach the withdrawal limit easily  for any short term investment like wetin oga frankolala don talk already

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?

No matter how much we the people who this new implementation is going to affect, cry, it is until it becomes active, will the result for the  new withdrawal limit be clear.

I wonder if e go in any way affect the use of crypto currency for those way the withdrawal limit go affect their business and transactions. Na to dey patient with them until after elections, na em be the advise wey dey ground.
Still, I hear say CBN dey try review the limit wey them set, because maybe them don see how e go impact the nation in total, and e go really affect the economic growth, mostly now wey dollar dey deal mercilessly with naira and scarcity of fuel, hike in price of food, dey parade everywhere.
Na to just dey patient be my advice.

Anyhow wey CBN won do,no wahala,if dem like make dem say na only 5k withdrawal, we go still adapt to the system so I beg make we think on way forward on how to adapt to this law should in case he happen.

After all the hardship and insecurity wey the government put us,we still dey survive so new law,new way to to live with am. Na the politicians go still choke because na dem dey spend big big money,na e make u see say them won debate on the mata. Na cryptocurrency traders na e this fit affect small but u wey dey hodl your coin,na opportunity for u to hodl for long time,maybe befire that time wey u go need to change your Bitcoin dis pple fit change the law again.

The Nigerian government are always looking for ways to make life extremely difficult for it citizens the new law the CBN government are prescribing is so ridiculous to me, it makes businesses like Pos goes backwards.

Although I agree that this would help limit the use of cash and may stop kidnappings and stealings also would make finding criminals easier but there lots of disadvantages on it.

Me self notice am because for this last election brothers they fight because they both belong to different political party, no be good thing at all they done allow this politicians enter their head, me I no like politicians oh because does people sabi manipulate people, if you look my people from the north them no wan hear anything when it comes to their tribe which is a very poor way to think but make them no worry na time I believe everything go sha better.

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.

Nigeria is not the first country to have excluded cryptocurrency from the digital asset policy, and the main reason why countries could not include cryptocurrency as part of assets on their stock exchange is because of the decentralized nature of some of the cryptocurrencies like Bitcoin. As we already know, decentralized cryptocurrency can not be controlled by the government so including it in the list of digital assets will be like opening up their economy to be exposed to many viruses in the crypto 🏭 industry. The highest the government can do in line with adopting bitcoin and other cryptocurrencies is through regulation of crypto services such as centralized exchanges and other platforms. To be frank with you, I don't think the Nigeria government has any plan as regards to cryptocurrency adoption and if you have checked carefully, the recent monetary policy that result in redesigning the Naira and limit of cash withdrawals were all done with out careful observation of the role decentralized digital currency will play to avoid this restriction and how the CBN policy is an advantage to crypto users most especially Bitcoin that is decentralized. I think to help widen our understanding of some of the topics as regards to the new Nigeria monetary policy we should try to bring in some statistical tools and data to support our discussion so that it can help give readers a better understanding of the policies and how it works rather than focusing on one direction which is the norms with Nigerian to always kick against every government policy even though they can't avoid it, I think it will be more profiting to focus our attention in analyzing new policy and see how we can work our ways around it and what options are open to us as citizens in government policies.

E be like say your problem no be really the implementation of dis withdrawal limit oo, na APC government be your problem sef. As dey don talk am make we see how e go be even though we know say e no go favour many people and dem d leaders make am look to us say dem go hear am too for body. Any new policy in d country is always accompanied by positive and negative comments, either ways one has to be done for the betterment and d the nation. Let’s see the reason why dis was implemented when the CBN Governor appears in the house of representative in Abuja soon to explain himself for dis new rule wey him set for our naira.

Dis wan wey Nigerian Securities Regulator e remove Crypto in their Digital Asset Agenda, how dem wan take achieve their goals. There are some policies dat Nigerian financial institutions would brought to the public that would still against them. Nigerian Government is bringing all these e-transaction policies bcos of cryptocurrency (bitcoin) which is massively use by the youths. But the problem I am seeing from the government perspective is that, they want to control the crypto system in the country but they could not, so they are bringing different ways.
Excluding cryptocurrency from exchange platforms will not move market to di way they want. Read more here

You see say na this your last sentence capture the thing I deh try talk since now? Na politics make bitcoin deh as e deh today self. If politicians back bitcoin up the thing go fly enter moon overnight. Na politics deh control the economy and we no supposed deh think say na waste to deh talk too much politics. You correct for your comment. I move for all posts weh make sense to be counted, whether on politics or on bitcoin as far as them make sense.