Hmmm

9jatriot:
We agree, that is why we are saying those of you that were complaining that rice was too expensive last week and now suddenly make 500k this week should teach us what legal things they do so that we can all be lifted up and be inspired by wealth.

hahahahahahaha, I envy u bro, wish I had ur sense of humour, permission to follow u

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

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:


For example a lace seller at Balogun market or a medium supermarket will make sales in excess of N500K a day.

dukeprince50:
hahahahahahaha, I envy u bro, wish I had ur sense of humour, permission to follow u

My brother... na so ooo

deji17:


For example a lace seller at Balogun market or a medium supermarket will make sales in excess of N500K a day.

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:
This post was inspired by poverty

U spoke well

dukeprince50:
I wonder why someone on same level with Albert Einstein didn't get my point, are u into drugs? why are u scared of mobile banking?
some people are so dump

are you forcing mobile banking on people?

FarahAideed:


Chei ..I give up

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

dukeprince50:
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

My guy I hail oo

9jatriot:
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.

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.

Tomide007:

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.....
U spoke well

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

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.

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:

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.

dukeprince50:
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

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

deji17:


For example a lace seller at Balogun market or a medium supermarket will make sales in excess of N500K a day.

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.

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:

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 .....my calculations are even flawed ....u need to see pple who own bags of beans higher than a storey building.... Leave ur vicinity and you'll know that there's money in naija

9jatriot:
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.

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/

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:

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....
https://www.bellanaija.com/2017/08/nnewi-billionaires-per-capital-world/

9jatriot:


Okay fair enough, but business accounts is 3M daily so what are you talking about?

Most shop owners and traders are sole proprietors and don't qualify for business account.. You are really bereft of street and book economics

9jatriot:
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.

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

BigIyanga:

Most shop owners and traders are sole proprietors and don't qualify for business account.. You are really bereft of street and book economics

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.

dukeprince50:
calm down, if you deposit 1m, they will charge you 10k, that is like charging you N2 for a deposit of N100

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?

Tomide007:

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.

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

FarahAideed:
Will Mallam at night to buy one sachet of milk to hold body after supporting Buhari all day on your ITEL phone given to U by the govt .

ah hahahha ITEL

FarahAideed:
Will You shut up and have some shame and sense for once ..do you know it's people like you that will bear the cost of that charge whether or not you make 500k ..let me school you since you are just a 1 dimensional thinker , the policy Is primarily Target at traders who collect a bulk of their sales as direct cash , so the bulk provision seller in Idumota where all the cheap sachet milk you buy from that Mallam beside your house come from likes does sales in cash above 500k a day and when he takes that sale to the bank and the bank charges him 5 % he Will be left to with no choice than sneak it into the cost of the milk which will eventually be passed to a poor struggling man like you when you get to your Mallam at night to buy one sachet of milk to hold body after supporting Buhari all day on your ITEL phone given to U by the govt .

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?

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.

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:
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.

Adurofight:
What a senseless tread. If you haven't make 500k before, didn't you pray to make it one day? or you people think every Nigerians are Buharist who believes poverty is permanent in their life?

Tope Ujesha,wise Talk

dukeprince50:
alryt I won't insult u since u tried to make a point with less insult so I'll explain to u. The bank won't charge you for the 500k, they charge u for the excess above the 500k that is why I said if u deposit 501k, there is no harm in paying 2% of the 1k which is the excess. so they charge u just N20, for N501,000. Only those who do not understand rain insults on others, be frank to urself, is N20 too much

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.

9jatriot:

Did you read what he wrote, he said there is no harm paying 2% of 1000 which in this context is correct.

The CBN policy is that any cash lodgment above the 500k threshold for individuals will attract a charge. So if the amount is 501k, it is only the 1k that will attract a charge, 2% of 1k is 20 naira.

So if you pay 501k into your account the extra charge will be 20 naira not 10k, you see.

Yeah I just got his point well. He’s making sense. Big ups