Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 24. (Read 1334792 times)

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

I think say the idea for this policy na make every business man get POS machine so Dem fit do transfer at any point when Dem take do business, but the thing is that small scale business and old woman when no fit use the POS, them no put them join plan.

And why will they add such a huge tax to people withdrawing their own money.  It is well anyway

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.

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!

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.

CryptoHeadlineNews it seems you have misunderstood some part of the new CBN policy on withdrawal limit via the counter and on POS, in your last paragraph you mentioned a scenario where a citizen wants to buy car and transaction will take 10 weeks. Note the limit is not include bank transfers so if you have an account where you can transfer more than 1 million in a single transaction why not you can do that, the only limit is when you want to take cash, the whole concept is to promote a cashless society which has been an initiative since 2012. 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.

Big man no be lie o,government need to make sure say banks upgrade their banking system and network if not e just be like say government pour fuel for fire o,because this time the citizens go burst out riot o. Omo banks go start to dey do shakara for customers. Imagine my ATM card expire,my bank do new one for me,e come reach time for me to activate am,I no fit I ask them why? Them say the phone  number wey I use register my account no be e I dey use again bcos the number don loss. OK I won change number, them give me form to fill,I fill form finish.

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?

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.

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.