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Nairaland Forum / Nairaland / General / Politics / Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do (4321 Views)
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Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by FarahAideed: 3:09pm On Sep 20, 2019 |
Hmmm |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by dukeprince50: 3:11pm On Sep 20, 2019 |
9jatriot:hahahahahahaha, I envy u bro, wish I had ur sense of humour, permission to follow u 2 Likes |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by OlujobaSamuel: 3:13pm On Sep 20, 2019 |
I doubt is there is any individual running a business without a corporate account that makes 500k daily as turnover, my major issue is the corporate account limit, 3m seems too small for some business in terms of deposit, for instance, bulk recharge card sellers, they will tell you to go pay in bank and bring teller(using ussd or online banking seems to be an issue as most depositors don't know or have means of getting receipt), less than 10customers can deposit a cumulative of 3m sef in an hour 2 Likes |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by 9jatriot(m): 3:14pm On Sep 20, 2019 |
Thanks Deji, someone also drew our attention to that. I believe they have corporate accounts with a higher limit and do not make the vast majority of people who have been shouting on the internet. But on a side note, someone will spend the first 25 years of their life schooling only to be wearing suit and earning 50k salary whereas some of these traders who are looked down on will be cashing in. deji17: 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by 9jatriot(m): 3:16pm On Sep 20, 2019 |
dukeprince50: My brother... na so ooo 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Tomide007: 3:19pm On Sep 20, 2019 |
deji17:U can't be more correct, I even know a beans seller in Maiduguri who makes over 1m daily....DT man fills over 2 trailers a day..... Earthquake1:U spoke well |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Charleys: 3:21pm On Sep 20, 2019 |
dukeprince50:are you forcing mobile banking on people? |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by dukeprince50: 3:24pm On Sep 20, 2019 |
FarahAideed:This is Nigeria, even after the internet quarrels we still smile, but I was lying sha M0ron in my dialect is Dangote so stop calling the mods over inconsequential issues. good afternoon 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by FarahAideed: 3:25pm On Sep 20, 2019 |
dukeprince50:My guy I hail oo |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by deji17: 3:27pm On Sep 20, 2019 |
9jatriot:Thanks. I'm hoping CBN should review the entire policy in its entirety. Banks should be more focused on getting out Loans to borrowers and make their profit on the interest. This policy has the potential of making people to start hoarding cash in their house and refusal to take it to the bank and other effects too. |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by dukeprince50: 3:28pm On Sep 20, 2019 |
Tomide007:beans seller that make 1m daily in Nigeria and we don't know him? looks like Lai Mohammed is ur mentor, u could be right sha, because I know a beggar that makes about 12n daily 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Realdeals(m): 3:29pm On Sep 20, 2019 |
If you're involved in business to have made as much as 500K/day, your business is expected to have been registered with the CAC, hence you can transact up to N3M in cash daily without furore. 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by 9jatriot(m): 3:39pm On Sep 20, 2019 |
You think so, I doubt it. Take the case of Balogun market you spoke about, they cannot suddenly start keeping money at home, they must pay their suppliers so the money will keep moving. I also believe many of them have embraced POS and bank transfers. deji17: |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Tomide007: 3:52pm On Sep 20, 2019 |
dukeprince50:Yes, u guys need to move beyond ur enclave, the sacks of beans I saw is over 5000, no exaggeration. When babachir lawal said he makes over 500m from his farm pple said its a lie..........there are so many unknown billionaires in Nigeria .....one of the richest billionaires in kwara is not even literate and he owns the largest functioning nail factory in Nigeria... Do u know him? The man who bought otedola's share in forte oil, I heard he's an unknown alhaji, do you know him? A bag of Beans from that man goes for about 20000. Let's assume he makes 4,000 from a bag and sells 3000 bags a day(I know for a fact that a trailer loads out everyday) that's 1.2m/day profit ooo....we're not talking of revenue .... Leave ur vicinity and you'll know that there's money in naija 1 Like 1 Share |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by delpee(f): 3:58pm On Sep 20, 2019 |
deji17: Many of the traders now use POS. Some allow telephone transfers if you're known to them. In any case, it's safer and tidier to carry less cash around especially for security reasons. 1 Like 1 Share |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by 9jatriot(m): 4:07pm On Sep 20, 2019 |
I do not doubt you. First of all, there are not many people like him compared to those crying about the policy, secondly, I can almost swear that to buy from such a person you have to show that you have paid to an account otherwise he will lose track of his sales, that is if he does not even have a POS. On a side note again, why is it always the informal sector run by so called illiterates that have more money. The schooling matter, we go need to revisit am o. First Balogun then one beans seller somewhere nobody has mentioned alaba international market yet. Tomide007: 3 Likes |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Tomide007: 4:18pm On Sep 20, 2019 |
9jatriot:Was reading a statistics from NBS...and they said DT Lagos/ogun kills an average of 600thousand cows a day...my question is who owns those cows...calculate the amount they sell a cow and multiply it by 600 thousand....calculator go hang, Nnewi in Anambra state houses the most number of Naira-billionaires in the country.(am Yoruba not igbo oo), aw many literate dey dere.... Literates in Nigeria have refused apply their brains to productive things, all we want is to work in an organization and maybe get paid 200k, struggle to build one small house marry kids off, retire and die, we wish to succeed but we're not ready to pay the corresponding price. https://www.bellanaija.com/2017/08/nnewi-billionaires-per-capital-world/ 2 Likes |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by 9jatriot(m): 4:23pm On Sep 20, 2019 |
So you are with me on the school matter I guess. So you see those guys are not the ones shouting against the policy on the internet. The loud outcry against the policy made me wonder weda non be this Nigeria we de, when people start to de do 500k transaction everyday so I wanted to find out. The informal sector has many millionaires but we should not also get carried away, as they are many billionaires among them so are many others who started with them and have become frustrated. Tomide007: |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by BigIyanga: 4:30pm On Sep 20, 2019 |
9jatriot:Most shop owners and traders are sole proprietors and don't qualify for business account.. You are really bereft of street and book economics 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Tomide007: 4:31pm On Sep 20, 2019 |
9jatriot:Most peeps screaming about the policy earn less than 100 k a month.... Won't be surprised if they don't earn up to 500k a year sef 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Tomide007: 4:34pm On Sep 20, 2019 |
BigIyanga:If you register your business name for 18k you can open a business account with any bank, opening a business account will cost u less than 5k...so they qualify. 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by LadyExcellency: 4:59pm On Sep 20, 2019 |
dukeprince50: PZ and Unilever pay 2% to their bulk wholesalers on the premise that the company representatives sell company price to retailers. You mean the banks and FG will take all the profits? |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by BigIyanga: 5:28pm On Sep 20, 2019 |
Tomide007:Most Iyabos, Papa Ngozis, and Musas dont operate that way. There is nowhere CAC charges N18k to register a biz. Lawyers and Agents charge close to N100k, and u must nominate a secretary and have directors.. This is cumbersome for business people with little education. Also bank charges are higher on biz acc.. most sole proprietors are trying to stay afloat by saving cost |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by SirWhiteFish: 6:16pm On Sep 20, 2019 |
FarahAideed:ah hahahha ITEL 1 Like |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by Okoroawusa: 6:24pm On Sep 20, 2019 |
FarahAideed:FarahAideed I just laugh at people that liked your comment. if you know that your customers pay in large cash u get a POS or just tell them to make transfer to your account n u get the alert from your bank. Discourage them from paying you in cash.... Your hate for Buhari has affected your reasoning negatively... Don't u feel it sometimes? 3 Likes |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by davillian(m): 8:40pm On Sep 20, 2019 |
The point here is that the government wants those traders to embrace cashless polices which they know fully well they won't because their business are done with cash payment.... But the government charging for cash deposit is not cool though. I did a business and I made almost 800k and was paid cash so na me go come give government free money just like that. I go soon build underground vault. |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by 9jatriot(m): 9:10pm On Sep 20, 2019 |
Is this 800k everyday or a one off? I wonder why somebody will pay 800k in cash, any reason why a transfer was not done. Just for info, 6k is what 800k is required to pay as per the policy. davillian: |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by EASY39(m): 9:21pm On Sep 20, 2019 |
Adurofight:Tope Ujesha,wise Talk |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by maximilano: 9:57pm On Sep 20, 2019 |
dukeprince50:Oh I now get your point. You’re right. Then it’s no big deal then. I actually thought they’d charge for the whole 500k. Your point is valid and reasonable then. Big ups and sorry for any insults. 2 Likes |
Re: Those Who Claim To Do 500k Cash Transaction Daily Should Tell Us What They Do by maximilano: 10:00pm On Sep 20, 2019 |
9jatriot:Yeah I just got his point well. He’s making sense. Big ups |
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