OkpaNsukkaisBae:
E sure me say i go be no_1 for the nearest accesst bank branch today. Either they reverse my money/airtime or I withdraw everything & port 2 another bank.


Days after the SC ruling, Buhari is yet to make a u~turn. They say he's a reformed democrat. Emefiele say him be prof... Prof without character

Roland17:


For developing countries like Nigeria that is still building IT capacity and infrastructure, cash has to mutually exist until we have the capacity in systems, including strong institution to support a fully cashless society. Like you, I can’t remember the last time I held cash but I also know it is not tenable in Nigeria when compared. While the US is essentially automated to be cashless, the system still encourages cash usages, especially for small-small businesses.

A primary cashless Nigeria will ultimately improve the economy, however, the country is not there yet but definitely heading in the right direction. Cashless policies are supposed to be gradual in implementation not immediate and consequential, else, the economy will suffer. While the banking sector in Nigeria has seen massive growth, it is still vulnerable as seen since the implementation of this policy.

raumdeuter:


How do you now make payment for lap dance in strip clubs Brother Roland?

Roland17:


I humbly plead the 5th and invite experts like brothers Afrodoc, Skimpledawg and Sir Izzou to help us here.

Roland17:


I humbly plead the 5th and invite experts like brothers Afrodoc, Skimpledawg and Sir Izzou to help us here.

OkpaNsukkaisBae:
E sure me say i go be no_1 for the nearest accesst bank branch today. Either they reverse my money/airtime or I withdraw everything & port 2 another bank.


Days after the SC ruling, Buhari is yet to make a u~turn. They say he's a reformed democrat. Emefiele say him be prof... Prof without character

Roland17:


I humbly plead the 5th and invite experts like brothers Afrodoc, Skimpledawg and Sir Izzou to help us here.

BlueRayDick:
Sanwoolu says old notes are legal tender but on his Facebook page u can see people saying that the government owned EPE general hospital doesn’t accept old notes, LAGFERRY and BRT cowry agents do not accept old notes a form of payment for recharging their cowry card….

If the state government cannot deal with these people that are close to the state government ; how will they deal with private businesses rejecting the old notes ?

iamoyindamola:

We are working on it
That's part of his to-do list this week he will personally handle it🤣😂

raumdeuter:


How will cashless work in an environment like Nigeria where the network infrastructure is still very unreliable and majority of the population are uneducated

Some people made transaction and they couldnt get confirmation for hours some days

Imagine paying for liquor and the barman could not get confirmation in his account.

Also illiteracy is a thing, Think of people our grandparents age, how will they use these technology to make transactions. Even people in our parents generation age 60yrs and above some will not use bank apps and prefer to go physically to the bank

BlueRayDick:


Make Sanwo just dey play o. They know the truth o, but just playing to the gallery. If CBN or Buhari no officially make a statement say make people and banks dey collect and spend old 1,000 and 500 notes; people will not accept it.

Shebi we all saw how people started accepting old N200 almost immediately after Buhari's boradcast.

Make dem dey play!

OasisX:


.... It'll be tough but Ganduje is cooking, I saw him with Shekarau recently.

Roland17:


For developing countries like Nigeria that is still building IT capacity and infrastructure, cash has to mutually exist until we have the capacity in systems, including strong institution to support a fully cashless society. Like you, I can’t remember the last time I held cash but I also know it is not tenable in Nigeria when compared. While the US is essentially automated to be cashless, the system still encourages cash usages, especially for small-small businesses.

A primary cashless Nigeria will ultimately improve the economy, however, the country is not there yet but definitely heading in the right direction. Cashless policies are supposed to be gradual in implementation not immediate and consequential, else, the economy will suffer. While the banking sector in Nigeria has seen massive growth, it is still vulnerable as seen since the implementation of this policy.

BlueRayDick:


Through which means do u want to withdraw all ur money ? Through cash ? Where the bank wan see cash give u? Through transfer ? If u do the transfer and the thing still hang like the previous one u did nko?

BlueRayDick:
Ibime when u are less busy please give us a load down of what actually happened with Silicon Valley Bank(SVB) . I’ve been seeking a lot of videos by tech/financial analysts giving their opinions about how Tech bubble , bad investment decisions etc led SVB to the comatose stage it is now

monerozi5590:



. Who dash am prof. Emifiele normal highest qualification is master's. En get Honorary Doctorate Degree. That one wei school d give just for recognition or to raise funds.

The only prof.( original prof) that has become CBN governor since May 1999 is Soludo. Man is an authority.

Soludo is someone that the equivalent of CBN in UK or USA can reach out to for ideas or input if there are having crisis in that sector. Man brain na fire but just like every other human being he is not perfect.

Roland17:


I humbly plead the 5th and invite experts like brothers Afrodoc, Skimpledawg and Sir Izzou to help us here.

Me? A pastor of a ministry?

BlueRayDick:
Sanwoolu says old notes are legal tender but on his Facebook page u can see people saying that the government owned EPE general hospital doesn’t accept old notes, LAGFERRY and BRT cowry agents do not accept old notes a form of payment for recharging their cowry card….

If the state government cannot deal with these people that are close to the state government ; how will they deal with private businesses rejecting the old notes ?

Itsrm:


You can log dispense errors or failed transfers online. It is as effective as going to the bank. I know some banks do it but I'm not sure of access. Visit their site to confirm.

I should also add that failed transfers are automatically reconciled after some days even if you don't log it but you can't go wrong with logging it.

Ibime:


Sector risk, low liquidity coverage, a stunning lack of macro-economic foresight, and finally poor CEO messaging

Awash with an accelerated increase in deposits during the VC boom of zero interest rate environment, they put too much of their cash into Govt bonds, about 60%, where typically a bank with a strong retail arm should be giving out loans that will yield more than the Fed funds rate. That was the big mistake of not reading the macro environment, and the rest is history

So they had poor short-term liquidity coverage having put their money in long term Govt securities

Their client base being tech are no longer seeing abundant VC money so deposits were slowing and withdrawals increasing and most of their cash was tied in Govt bonds. CEO then sent out wrong messaging that they were selling their Govt securities to cover (which would be at a loss before maturity, given the disparity between treasury yields and fed funds rate), instead of quietly borrowing on interbank market to cover. VCs being a small and connected community reacted to that messaging and decided to all withdraw at the same time, causing a bank run and that's the sum of it.

I was with one of our soccer dads at my son's practice yesterday who let me know the extent of tech industry exposure to the bank. He works for Bondaval, a UK Fintech and he said 80% of their cash was with SVB, and almost all tech companies bank with SVB. When I came home, I started withdrawing money off exchanges, cos in all likelihood an exchange with US exposure may bank with them. That's before Fed stepped in last night. Actually Fed should have stepped in sooner given how crucial they are to the Tech industry. It actually probably only takes a couple of billion from Fed to right their balance sheet in the long term, as against billions being wiped off SVB balance sheet as they start selling long term assets for pennies on the dollar to cover short term liabilities, and further tens of billions wiped off the tech industry from contagion and capital flight.

izzou:


Instead of all these governors to mount pressure on Emefiele, na eye service all of them they do.

No bank is accepting old notes as deposits; that's the problem.

As long as they are not accepting it as deposits, anybody dealing with bulk of raw cash won't accept it. That is the reason why Fuel stations would never accept it. The one i saw accept it, was selling fuel at 400/ltre

I don't blame EPE General hospital or LAGFERRY for declining. If dem collect am finish, where dem wan pay the money?

izzou:


Instead of all these governors to mount pressure on Emefiele, na eye service all of them they do.

No bank is accepting old notes as deposits; that's the problem.

As long as they are not accepting it as deposits, anybody dealing with bulk of raw cash won't accept it. That is the reason why Fuel stations would never accept it. The one i saw accept it, was selling fuel at 400/ltre

I don't blame EPE General hospital or LAGFERRY for declining. If dem collect am finish, where dem wan pay the money?

iamoyindamola:

The governors gave him till tomorrow
It's in the news

larride:


So after tomorrow what happens? They will go back to the SC?

The mistake they did in the first place was not joining Emefiele and CBN in the suit.

OkpaNsukkaisBae:





Access cc line i saw online dey chop airtime. Baba all my failed transfers na only one dey reverse. Some done even pass weeks cox i go look d amount i say i no get time 2 go queu 4 line.