bushdoc9919:


I did...

From the article...




Your original comment implied that you could withdraw up to N500000 in one day from your account via ATM cards (which is not possible unless you have up to 3 cards attached to the account). And like I said....you can still withdraw the N500K.....via your chequebook.

So, of what use are the ATM machines. These cash dispensers are supposed to reduce the queues at the branches and now we are going back to the branch. one step forward, and two steps backwards. It can only happen in Buhari's administration. The days of SAP and WAI Brigade is back. I hope you wont complain.

THE APC GOVERNMENT SHOULD DEPART FROM THE BARKING AND WEEPING STYLE TO A BITEING DOG. ENOUGH IS ENOUGH! WE HAVE MORE THAN ENOUGH DOLLARS LOOTED TO FOREIGN ACCOUNTS! BUHARI SHOULD GO FOR ALL, ALL! PDP AND APC. ALL....ALLL
NIGERIANS ARE STRONGLY BEHIND YOU.....

See where corruption has landed us. This is only for the masses. Those who put us in this mess will still be having the money to use as desired. We are the ones again having to suffer for their evil. God they!

(The esoterics is that this is part of end times economics that will usher in the New World 666 Economic Order under the Beast antichrist system. Jesus is Lord!)

rexel99:
[b]In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.[/b)

Junk journalism. It's sad that this came out fron a mainstream media company not an online medium. The withdrawal limit is still N150,000. The N60,000 on applies to withdrawals abroad. It's foolhardy to think the CBN would reduce the local withdrawal limit when the are trying to push forward the cashless policy.reducing local withdrawal has no bearing on tightening the naira freefall in the forex market.

And the source of your own info is?
Or do you work with the CBN?

Atlantian:
So, of what use are the ATM machines. These cash dispensers are supposed to reduce the queues at the branches and now we are going back to the branch. one step forward, and two steps backwards. It can only happen in Buhari's administration. The days of SAP and WAI Brigade is back. I hope you wont complain.

The policy, as someone pointed upthread applies to cards enabled for foreign transactions in dollars. It does not apply to cards enabled for domestic transactions only.

So, for example...you will still be able to withdraw N150000 daily with the Verve card, or the Mastercard/Visa Naira card. And nothing was said about POS terminals.

And we know the real reason why.....we are an oil dependent society, oil prices have fallen, and we no longer have the dollars. CBN's real target is the dollars transaction....ie the $300 limit...which is designed to limit dollars leaving the country.

Cashless economy my a$$! This government is a mess!
I just fncking hate this darn country.
Everything has been structured to work against the citizens.
Putting a cap on ATM withdrawals, POS terminal payments and Online shopping?!
Just a way to inconvenience, scam and make life unbearable for the citizens of this horse dong of a nation!

A while ago it was 200k, then it was reduced to 120k, now 60k. Make Nigerians dey there dey watch until it would be reduced to 10k. As usual na banks go dey win, to withdraw a certain amount of money you would have to use the ATM like 3 or 4 times and then the bank would apply their charges to your multiple transaction. A system devised by the government and the financial institutions to fleece money from the populace. Change indeed. Brace yourselves people.

vRendoh:
THE APC GOVERNMENT SHOULD DEPART FROM THE BARKING AND WEEPING STYLE TO A BITEING DOG. ENOUGH IS ENOUGH! WE HAVE MORE THAN ENOUGH DOLLARS LOOTED TO FOREIGN ACCOUNTS! BUHARI SHOULD GO FOR ALL, ALL! PDP AND APC. ALL....ALLL
NIGERIANS ARE STRONGLY BEHIND YOU.....

Even if we get the dollars back......it would only hold the evil day off a little bit longer.....especially if oil prices stay low.

In brief....Nigeria needs oil price per barrel to be at $123 and above.Currently it is below $60.

Hence the CBN policies. (Mr Emefilie is just doing what a good economist is doing. It is Nigerians who cannot see the big picture that are crying in anger. We do not have the money).

Yesterday, on CNN....Saudi Arabia that had SOOO much money saved during boom times(and that one of their govt officials was saying would be good enough for ten years)....is now contemplating increasing taxes, and removing its subsidy on fuel. Yes....even the rich also cry.

bushdoc9919:


The policy, as someone pointed upthread applies to cards enabled for foreign transactions in dollars. It does not apply to cards enabled for domestic transactions only.

So, for example...you will still be able to withdraw N150000 daily with the Verve card, or the Mastercard/Visa Naira card. And nothing was said about POS terminals.

And we know the real reason why.....we are an oil dependent society, oil prices have fallen, and we no longer have the dollars. CBN's real target is the dollars transaction....ie the $300 limit...which is designed to limit dollars leaving the country.

My Mastercard is enabled for international transactions, cos I travel often. I am not alone, there are hundreds of thousands of others affected too.

Thats y i love my mobile banking
Online; surely d best

Hardship-causing Buhari policy aimed at making life more difficult
for the man on the street.

Gabbysky:

And the source of your own info is?
Or do you work with the CBN?

The man you quoted may answer you
But actually, how does pegging naira withdrawal within Nigeria help to defend the naira? It makes no sense unless the banks are illiquid (in naira). The cbn position as stated in its advertisement is $300 daily cash withdrawal abroad which does not affect POS usage abroad so long as the total of both ATM and pos is subject to maximum of $50,000 per year.

Mrchippychappy:
A while ago it was 200k, then it was reduced to 120k, now 60k. Make Nigerians dey there dey watch until it would be reduced to 10k. As usual na banks go dey win, to withdraw a certain amount of money you would have to use the ATM like 3 or 4 times and then the bank would apply their charges to your multiple transaction. A system devised by the government and the financial institutions to fleece money from the populace. Change indeed. Brace yourselves people.

As the article says.....it applies only to cards enabled for foreign transactions in dollars.....it does not apply to cards enabled for domestic transactions in naira (like Verve and your Naira Master card).

As said in the article....Standard Chartered is offering customers a naira-only ATM card.

Relax.....your govt's main aim here is to limit the amount of dollars leaving the country. Because thanks to the drop in oil prcies....we no longer have the dollars....and the CBN needs dollars to stop the naira falling to N500 to $1.

If you want the ''good old days'' back....pray oil prices rise.....or pray Buhari does the needful and diversifies our economy out of oil....instead of chattering about it.

MrCuddles:
Those that don't have anything in their account are the ones that will start making noise and booking space, just watch.

Speaking of which,I am one of them .the funniest aspect of it is,I don't even have acct No nor name.They should do all they would like I care*Wink*

Politicians dey thief money, average Nigerians dey refund am.

chigomiced:
cashless economy tyns



the world is moving to online banking>>>>>>>>> Nigerians should learn to adapt and evolve

evolve? bro, i use internet banking a lot and for every transaction #105 is deducted from my account. Banks are actually ripping Nigerians off with this internet banking. They should consider reducing the charges then I'm sure Nigerians wouldn't think twice about it.

donholy28:
u never dey situation way u need like 500k and d fastest way to withdraw na ATM den dem come say na only 60k u fit withdraw 4 d day...person wey u keep 4 hospital fit die sef

I grab... But That's not enough to discard the new rules...

Atlantian:
My Mastercard is enabled for international transactions, cos I travel often. I am not alone, there are hundreds of thousands of others affected too.

Time to get a domestic naira card.

The whole problem is because of falling oil prices. The CBN desperately needs dollars to buffer the naira. And since our sure banker source of dollars is no longer feasible....ie high oil prices....they have to target the domestic dollar supply.

Honestly.....Nigeria should have diversified from oil ages ago....like since the 1980's. But no....we did not learn from the economic disaster of the 1980's. Instead....we continued relying on oil. Here we are again.

ebosse:


evolve? bro, i use internet banking a lot and for every transaction #105 is deducted from my account. Banks are actually ripping Nigerians off with this internet banking. They should consider reducing the charges then I'm sure Nigerians wouldn't think twice about it.

GBAM

I pray nd hope it helps

chrisviral:
Sorry, but you're passing an old and wrong information.
According to the recent message from my bank, it has been revised to around 2000 dollars per month with the option of using it all in one day (and waiting till the next month) and about 3 million NGN over POS (same rule applies)

Thank you.

Do you mind sharing which bank you use?

bushdoc9919:


As the article says.....it applies only to cards enabled for foreign transactions in dollars.....it does not apply to cards enabled for domestic transactions in naira (like Verve and your Naira Master card).

As said in the article....Standard Chartered is offering customers a naira-only ATM card.

Relax.....your govt's main aim here is to [size=20pt]limit the amount of dollars leaving the country[/size]. Because thanks to the drop in oil prcies....we no longer have the dollars....and the CBN needs dollars to stop the naira falling to N500 to $1.

If you want the ''good old days'' back....pray oil prices rise.....or pray Buhari does the needful and diversifies our economy out of oil....instead of chattering about it.

Why don't they place these ridiculous restrictions on politicians, public office holders and their associates? Wetin concern average Nigerians and cash limitation? The FG would probably say that the cash withdrawal limitation is another way of fighting corruption. besides the article talks about limiting NAIRA cash withdrawals. Another blunder from the new administration.

ebosse:


evolve? bro, i use internet banking a lot and for every transaction #105 is deducted from my account. Banks are actually ripping Nigerians off with this internet banking. They should consider reducing the charges then I'm sure Nigerians wouldn't think twice about it.

I tell ya.

But still....in fariness to the banks...Nigeria really is a risky place to do business. See the recent debtors lists posted in the dailies. Banks have so many people owing them ........and they still need cash to run. Banks also spend millions on generators, inverters, etc....just to keep operations running. And they have to pay their staff good salaries(so that the staff do not steal cash from the till occasionally ).And there are the high security costs too.

Guess where the money to do all that comes from.

Wow
Thus is going to be tough but we are going some where.

One Nigeria

I dont still understand this news....someone pls quote me and explain...I'll be bk lata....

bushdoc9919:


Time to get a domestic naira card.

The whole problem is because of falling oil prices. The CBN desperately needs dollars to buffer the naira. And since our sure banker source of dollars is no longer feasible....ie high oil prices....they have to target the domestic dollar supply.

Honestly.....Nigeria should have diversified from oil ages ago....like since the 1980's. But no....we did not learn from the economic disaster of the 1980's. Instead....we continued relying on oil. Here we are again.

It is safe to say, we are a very poor country. Now we are trying as much as possible to keep money in the local system. We have continually failed to understand that, Nigeria will not work until states are given autonomies to run as independents. The States should mine their natural resources, pay their police, fund their primary, seconday and state universities. Federal Government has no business stopping states from mining their coals and oils. Something has to change. This was the change I expected, not the change of signatures to oil money accounts.

So make all of us go open account with standard charted? Na wa o.

fatdon2:
The new CBN man is brainless , I thought we where moving to a cashless economy. Now people will prefer to have their money kept in
their homes. Bcus withdrawing above the counter also has its limit and charges are applied. Now ATM has its daily limit. So in other word they reducing the purchasing power of us and hereby allowing us to have our money in our home saves. Bad policies.

I think u v a point

Cashless Policy to the Rescue....

Well , from my point of view the short term effect will not be too nice on Nigeria , basically it's will limit our spending moreover Nigerian are reverse old way where will keep huge money at home where security . I believe this new government will give room for all Nigeria to invest at our mother but it most come with necessary tools and measure in place .

So much more ....

Icecomrade:
This is bad news for
Those customers who doesn't want to subscribe to Internet an Mobile banking. Let's see where you get cash to pay for everything.

Those shop owners who feels they do banks favor by taking free POS for their own transactions. Am very sure they will be scrambling to banks now begging for POS machines.

Those banks who thought e-banking is a good reason to deplete staff strength. Throw people into labour market. Behold crowd in your banking hall.

Hahahaha, nice observation. But it still a very good policy. I hope people will see reason to start using electronic payment.