New CNB 20k daily withdrawal limit
Well what i think most businesses are going to do as a result of this devopment is to ensure they have their own PoS machines so customers can pay directly to them with their ATM cards, i know every large scale business definitely has that already, but now even small scale businesses would have to get theirs, because you can no longer expect customers to have sufficient cash to cover what they want to buy.
Only denominations of 200 naira note and below will be loaded in ATM machines once this development takes effect oh (una see that one?), so even if you decide to go withdraw the stipulated 20,000 daily, na for 200 naira denomination or below you go hold am oh.
I feel this policy would greatly affect people who run PoS services as they would lack the funds to satisfy their customers, if they decide to use the ATM, they are limited to only 100,000 per week, and if they choose over the counter, they are limited to 100,000 and 500,000 with a fee to process such transactions amounting to 5% and 10% respectively, that is absolutely crazy; i can see quite a lot of people who are into PoS services shutting down from january 9, 2023, and we have many of them in our country, it means many people are soon to be jobless.
Having said that, i do not know what exactly the economic benefit of making cash scarce is, if you ask me that isn't our problem at all, me i believe say our main problem be say we no they produce anything locally, plus this men them wey they thief our oil, if we fit handle production in our country, fix refineries, come they export locally produced goods, plus enjoying the full benefit of the oil wey God bless us with, then i believe say our economy go wake up from sleep. Making cash scarce looks like compounding our problems, especially by making people jobless like i said in the second paragraph of my post.