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Nairaland Forum / Nairaland / General / Business / Banks Reduce Withdrawal Limits On Atms - Vanguard (65272 Views)
Firstbank ATMs – Accounts For 37% Of Bills Payment Services On ATMs In Nigeria / CBN Reviews Limits On Mobile Money Transaction, Balance / Banks Reduce Lending To Economy By N292bn In Q2 – Nbs (2) (3) (4)
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Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by menix(m): 9:56am On Aug 11, 2015 |
Seriously, CBN policies won't kill us.. So I travel to dubai to buy goods worth a million naira, I will have to wait for weeks inorder to finish paying for the goods.. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by BraniacX(m): 9:58am On Aug 11, 2015 |
MrCuddles: Abi ![]() |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 10:04am On Aug 11, 2015 |
kodded:Thanks to Buhari-nomics |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by erico2k2(m): 10:06am On Aug 11, 2015 |
Icecomrade:spot on 1 Like |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by BraniacX(m): 10:06am On Aug 11, 2015 |
bushdoc9919: How that one take help me ![]() Simple put, for now, as things stand, there are things i just can order for anymore from the comfort of my home or office if I don't want to bring in a third party and explain to them why i want to pay that amount for that item |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by BraniacX(m): 10:07am On Aug 11, 2015 |
donholy28:Exactly!!! |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by BraniacX(m): 10:09am On Aug 11, 2015 |
rexel99: Ok, I hope you're correct |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by ndidibabe(f): 10:19am On Aug 11, 2015 |
barcanista:Are you referring to Buhari or the CBN governor? |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by 19naia(m): 10:21am On Aug 11, 2015 |
Is this really true ![]() Whenever a squeeze is put on people's ability to access their money, it reduces the amount of money they circulate in the Market. The market will feel it as people will spend less as cash becomes less available. Making cash scarce seems to be the plan here to drive up Naira value. The more cash circulates, the better it is for the economy. Making cash scarce will drive down the economy by reducing the number of transactions and the number of expensive transactions. Less sales and reduction of expensive sales will only reduce the strength of the economy which is based on trade. It is bad for the economy, and what is bad for the economy is bad for the Naira. This move may look good in the short term but must be adjusted before the long term effect on the economy sets in. People make a living by what they sell. What they sell must be bought by people with enough money to spend. Hiw will they make a living if less money is allowed to circulate? It was bad enough getting timely payments of salaries in Nigeria before these restrictions on cash flow in Nigeria. How will restricting cash flow help the situation any more? There is a chance a lot more people will go unpaid as less money circulates. Nigerians will start to improvise and maybe even grow the black market sector of the economy which can easily bypass Nigerias banking restrictions by reaching across the Nigerian borders. Still playing banking manipulations without yet tackling the real issues behind the Naira struggle. I hope these banking restrictions will at least be a pain for all those corrupt chop chop embezzlers who will not be able to easily access or easily move their loot around. Combine that with the measures taken to consolidate state and federal funds accounts, and we will see some restraint on the amount of money embezzled. That sure will be something good for the economy and the Naira. 1 Like |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by JayJustus(m): 10:30am On Aug 11, 2015 |
the 60k withdrawal limit is only for using your card abroad...same thing as usual...but the charges have increased like mad...like gtb charged me 8k to withdraw 53k last week...which kind rough play be dat na ![]() |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by onyxo76(m): 10:34am On Aug 11, 2015 |
menix:contemplating a trip to Dubai soon, how easy is it to use gtb MasterCard there?any charges for withdrawals or paying via Pos? |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 10:34am On Aug 11, 2015 |
ndidibabe:I'm referring to Emefiele. Buhari has no clue na |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by anigbajumo(m): 10:47am On Aug 11, 2015 |
60k?dis z 3badt |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by ndidibabe(f): 10:52am On Aug 11, 2015 |
barcanista:That's unfair on Buhari. At least he is better than GEJ who doesn't see corruption as stealing. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by menix(m): 11:04am On Aug 11, 2015 |
onyxo76: U get billed 100 dirham (around 6k) for a withdrawal, don't know of d POS but u certainly get charged.. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by oc2fish: 11:14am On Aug 11, 2015 |
Not new, since May. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by oc2fish: 11:17am On Aug 11, 2015 |
Well they are killing us here (abroad ) I paid a total of 10k for obtaining 50k from atm in Malaysia. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 11:18am On Aug 11, 2015 |
Hehehe. A negative longterm effect for using a borrowed tradition. U guys were so relaxed n used to it , now its gonna bite so hard. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by vivaciousvivi(f): 11:52am On Aug 11, 2015 |
Can someone please explain this statement from the OP's post :"In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad." So I have 3 Debit cards and 2 are linked to separate Dom accounts from my 2 issuing banks. What's stopping me from going separately to tell both banks I intend to travel and use the cards while abroad. Won't that mean that I have access to $600 per day? Or will all banks now start cross-checking amongst themselves? Or will the BVN trigger my first request and blcok the 2nd? |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 11:54am On Aug 11, 2015 |
are they forcing us to use cheques? |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by khalifjgusau(m): 11:54am On Aug 11, 2015 |
For any country or economy to have a successful cashless policy, the economy must first be restructured. The process of restructuring Nigeria's economy has just started. Is a gradual process. So we need not to rush things. The CBN started with the U.S Dollar. Let us wait and see how far we have gone before we jump to the issue of ATM withdrawal limit. We are aware that we dont have enough ATM Machines in the country and the available one's are not working properly. We dont have POS machines in most part of the country including Abuja. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by babafirst(m): 12:14pm On Aug 11, 2015 |
BrownCookie:Lwkmddddd. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by babafirst(m): 12:15pm On Aug 11, 2015 |
MrCuddles:lwkmmmmmmd. 1 Like |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by missKiffy(f): 12:27pm On Aug 11, 2015 |
MrCuddles: ![]() |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Mordyb: 1:17pm On Aug 11, 2015 |
We are unknowingly turning into greece i have internet banking in Nigeria and oustside nigeria but i am very scared to use it in Nigeria cause i dont have faith in its secuirity |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by 4reala(m): 1:40pm On Aug 11, 2015 |
Shuo! See me see trouble o, wetin dis govt mean self? Na dem go tell me how 2 spend my money again? |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by investnotspend: 2:29pm On Aug 11, 2015 |
FriedPlantain: [size=20pt]LMAO[/size] |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by darqly(m): 2:37pm On Aug 11, 2015 |
fatdon2: Before questioning another person's intellect, did you read the article and did you even understand what it portends? It doesn't affect your domestic spending in any way, as it is only international transaction limits that have been reduced. What has it got to do with cashless policy? That's how misinformation is spread. Where in doubt, please ask questions. |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by Nobody: 2:47pm On Aug 11, 2015 |
BraniacX: CBN guvnor is doing what the central banker of a resource dependent country does when the selling price of the resource is falling.....HOARD DOLLARS AT ALL COSTS. You will still be able to do your transactions from home.....just use your naira card instead of your dollar card for domestic transactions. It is the foreign transactions that may be problematic. Simply put...you can only spend $300 a day on your dollar/naira card. Because the CBN has to hoard dollars so that it won't reach N500 to $1.(Which would make things more difficult for you.). It is happening in other oil dependent countries. Like Venezuela....the country's beer producer cannot import barley to make beer because of govt dollar restrictions....so beer might run out in Venezuela. Ultimately we need to diversify away from oil. Even if GEJ had saved all the oil money when he was in charge.....it just means we would be having this conversation next year.....instead of this year. 1 Like |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by ugoyibo: 3:08pm On Aug 11, 2015 |
Bia Ndi CBN. Na me and una get my moni? Y una go tell me how I won take collect my own moni wey I suffer make? Nnaa nekwanu Ndi ara o |
Re: Banks Reduce Withdrawal Limits On Atms - Vanguard by adconline(m): 4:06pm On Aug 11, 2015 |
shadowripper:Just tell me where in Aba u bought ur Chinco made phones and laptops ![]() ![]() |
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