If you see them talking like this you may be tempted to think they are really fighting the cause of the masses but nay. They are only concerned how the policy would affect their chance of elections next year. They have not recovered from the shock of the naira redesign now they came up with limits on cash withdrawal. This is a double edged sword to the soul of our thieving political class.

staga:


There is currently legislation in the parliament in Netherlands to restrict all cash spending to 50 euros. Indonesia plans to make the e-Rupee the only legal tender in the country next year. In Sweden, you are charged a fee for any cash-based payment. If you are a business, you can only deposit money at specific days and at special collection centres, else you would be fined. In China, mobile apps are the mode of payment.

It is spreading quietly.

But not in Canada and the United States.

Okoroawusa:
This lawmakers no sabi law o! You can only summon the CBN governor but you can't suspend anything. The CBN is an autonomous entity.

who's been appointing all the CBN governors in Nigeria?

With which power

Will this mean if they didn't suspend it, someone can't walk into supermarket and pay for goods over 20k with his/her debit card?

oshozondii:


https://community.thenationonlineng.net/forum/breaking-house-of-reps-orders-cbn-to-suspend-new-cash-withdrawal-?xg_source=twitter

Gbajabiamila and his gang should not truncate our democracy

DBestDoc:


Paying local transport fare of 1k and 500 and paying the groundnut seller on the road 200 naira is exactly why we have a daily cash allowance of 20k

In fact, in some countries, you pay the taxi driver, fruit, vegetable and food vendor by transfer. You just scan their codes and transfer.


Jeez, so many supposedly educated people thinking in a very disappointing way.
What exactly do we need cash for? Why carry huge amount of cash about like a thief?

I’ve been to countries where one can survive seamlessly for months without handling cash. Both old and young embrace good policies and their country works for all. But in Nigeria, people keep bringing foolish arguments.

What happens to the POS people. Abeg, where in the world is Pos a bank for withdrawing cash? Only in Nigeria. The POS business niche sprang up because of our huge appetite for carrying cash about which is exactly what the government is trying to correct. They can as well close shop and go think of some other businesses to run.

A two year old naira note when handled would look like rag, it’s embarrassing. But you’ll see dollars and some other foreign currencies of 10 years looking clean.

Every transaction more than 2k should be by transfer and other petty transactions can be settled from the daily 20k. This is more than enough.

What people should be worried about is how to stay safe online, how to help those non-internet compliant and how to make sure banks up their online services. Kapish!

I am still seriously trying to see why you quoted me ooo.
Because all you have said has nothing to do with the point I raised.

I just simply pointed out that the policy is not in my own opinion targeted towards any particular individual.

And in countries that daily transportation is paid in all those developed countries that you have travelled to. Can you please tell us how it operates and the facility already in place and the cost of transport being paid (value to naira)
Me too I have travelled ooo. Metro bus in Canada is CAD2.50 to CAD3.75 depending on province and their is the option of paying only by cash (coins) or a preloaded metro bus card that you could purchase/load with your credit/debit card or cash, you cannot pay with you personal ATM debit/credit card unless taxis.

So please stop comparing city run buses like the BRT in Lagos to what I mean by daily privately run transports that are available nationwide.

CBN has all the powers to tweek the monetary policies as they so wish, all they need is the president's nod.

National assembly can't do Jack!

Mrfixiit:
20k withdrawal limit is too small. 50k should have been better

Do transfer

This crazy policy will destroy many things,because i wonder how one of my friend that bids for online car will be easy again atimes he bid for 1.5m on one car,now how will he pay that amount with this outrageous policy..

ModCaller:


You are the one that is not thinking. 20k is HORRIBLE. Chicken change the average person can blow in the market in an hour. Go and do transfer for market woman selling meat, flour and egg.

It's even less than minimum wage. That alone should show you that it's too low to be realistic.

This is 2022, not 2000. You are people even awake at all?

Must you remain in one spot because of the few illiterate market women? The world is rapidly globalizing and Nigeria can't be an exception. Before the introduction of mobile phones in the Nigerian markets, little did we believe that the illiterate market women could operate phones. But today what's happening? Let's think smart mehn! Apart from the above reasons, the 2023 general election is more important than the market women. We all know how our politicians launder money with utmost ease in order to subvert the will of the people. If the new monetary policy could help in bringing sanity in our political system, the market women won't be an issue.

Buhari should not listen to them till after election abeg o... All this bad eggs in government are looking for a way to rig this coming election and buhari is rlly prepared for them

bjdon:
They have no power to do that, unless they amend the relvevant legeslation that gives CBN autonomy in monetry affairs

Have you forgotten that the house of representatives and the senate are law makers whatever they say stands to become

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victooman:
you are a stupid fool l swear,, you think Nigeria start and ends in ur locality? a very poor and useless policy that will cripple a lot of Businesses and send a lot of people into abject poverty is what u are supporting because u are against tinubu presidency,,, l am a stunt Obi supporter but l dont see anyway this policy will affect the elite,, we are not ripe for this cashless policy,, stop comparing us with uk and other developed countries,,, tinubu will even pay more than 10 percent charge if he want to buy votes,, some of u are too local and occupy with ur environment that u dont even understand the level of illiteracy and poor Network provider in this country,, Nigerians are suffering,, most people controlling this small businesses u want to eradicate are poor hopeless graduates ur country fail in all spheres,,think about them when coming online to spit trash.

You are Just 100% right.

olaniyilukman:
You know nothing about banking sector and I can tell you if you have been frustrated by the bank network while facilitate transaction, you won't be saying this....

This policy is not going to address the critical issues facing the country. It will rather worsen it. The government should focus on addressing the issues of excessive borrowings that have to this problems we are all battling with.

dawnomike:
I agree to the fact that it will affect we Nigerians. But, it should not be reversed till after the election

What do you need more than 20k for daily that you cannot transfer?

Writer01:
So if I have 50k there na and I won't to use it for my important stuff this is the story they will be saying, you are not sure

And" contact me for your academic assignment WhatsApp me

If you have 50k, you can transfer if the important stuff is important.

Yeah its affecting their looting operations.

Mckandre:
non can do, so if u take a week or more to stash some cash to prep for the big purchase will cost u ur arm right? Last i checked wholesalers and retailer engage in what we call group purchase which in turn will get a large goods delivered to them and ones delivered they all share it.

If you actually do business, you will know it will indeed cost an arm to queue 4 times at the banking hall to withdraw 400k. Its a waste of business hours.
No serious retailer does his trade with such a meager amount. To see 50k profit per month?
Group purchase is for market women buying a truck load of perishable goods like tomatoes on a daily supply. They also transact more than 20k.

The only solution is to first improve the infrastructure for non-internet transfers to be instant and verifiable, & not to reduce transaction size. That limit is not enough oga

rottennaija:


What do you need more than 20k for daily that you cannot transfer?

A whole lot... But let me give a subtle example. Imagine a housewife who lives in lagos that goes to buy foodstuffs in the house once a month, pepper seller does nt want transfer, meat seller, yam seller, crayfish seller, maggi seller, garrie seller, beans seller.... 20k is nothing in the market

I just used the above scenario as an example

dawnomike:
A whole lot... But let me give a subtle example. Imagine a housewife who lives in lagos that goes to buy foodstuffs in the house once a month, pepper seller does nt want transfer, meat seller, yam seller, crayfish seller, maggi seller, garrie seller, beans seller.... 20k is nothing in the market

I just used the above scenario as an example

Then you pay the charges if you need more.

DBestDoc:


Paying local transport fare of 1k and 500 and paying the groundnut seller on the road 200 naira is exactly why we have a daily cash allowance of 20k

In fact, in some countries, you pay the taxi driver, fruit, vegetable and food vendor by transfer. You just scan their codes and transfer.


Jeez, so many supposedly educated people thinking in a very disappointing way.
What exactly do we need cash for? Why carry huge amount of cash about like a thief?

I’ve been to countries where one can survive seamlessly for months without handling cash. Both old and young embrace good policies and their country works for all. But in Nigeria, people keep bringing foolish arguments.

What happens to the POS people. Abeg, where in the world is Pos a bank for withdrawing cash? Only in Nigeria. The POS business niche sprang up because of our huge appetite for carrying cash about which is exactly what the government is trying to correct. They can as well close shop and go think of some other businesses to run.

A two year old naira note when handled would look like rag, it’s embarrassing. But you’ll see dollars and some other foreign currencies of 10 years looking clean.

Every transaction more than 2k should be by transfer and other petty transactions can be settled from the daily 20k. This is more than enough.

What people should be worried about is how to stay safe online, how to help those non-internet compliant and how to make sure banks up their online services. Kapish!

There are many things narrow minded about your view.

Every transaction is not for personal expenses. Many small business owners are not registered as corporate. Example, a canteen owner operates by a personal bank account. She needs more than 20k to buy ingredients for the day. She treks all over the market doing small transactions.
The informal sector is the largest employer in Nigeria. They all exchange lots of cash, they are not thieves.

In other countries..?! Lol
We have to do our things based on next step at a time. We first need non-internet reliant transfers to work instantly and properly. Not all transfers will be attempted in city center where network is strong. It still takes forever to 'see' it. Do you want to sit on the bench outside waiting for all your 2k payments to go through.

Embracing policy is only wishful thinking without the requirements for cashless transaction -not only online banking that requires a basic level of education. The semiliterates valuable to our economy handles more than 100k daily and need financial inclusion too.

Phasing out cash is utopian. The cbn is going too fast, they need to first address real challenges

victooman:
you are a stupid fool l swear,, you think Nigeria start and ends in ur locality? a very poor and useless policy that will cripple a lot of Businesses and send a lot of people into abject poverty is what u are supporting because u are against tinubu presidency,,, l am a stunt Obi supporter but l dont see anyway this policy will affect the elite,, we are not ripe for this cashless policy,, stop comparing us with uk and other developed countries,,, tinubu will even pay more than 10 percent charge if he want to buy votes,, some of u are too local and occupy with ur environment that u dont even understand the level of illiteracy and poor Network provider in this country,, Nigerians are suffering,, most people controlling this small businesses u want to eradicate are poor hopeless graduates ur country fail in all spheres,,think about them when coming online to spit trash.

Why the insult though? Did I tell you I'm against Tinubu presidency? All politicians including Peter Saint Obi buy votes using cash. Know this and know peace. By the way your Father left Nyash