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..

MrCuddles:
Those that don't have anything in their account are the ones that will start making noise and booking space, just watch.

Abi What of those that do legitimate non-form A transactions with their cards? This is too stifling

kodded:
hmmmm


keeping money at home

good news for arm robbers

Thanks to Buhari-nomics

Icecomrade:
This is bad news for
Those customers who doesn't want to subscribe to Internet an Mobile banking. Let's see where you get cash to pay for everything.

Those shop owners who feels they do banks favor by taking free POS for their own transactions. Am very sure they will be scrambling to banks now begging for POS machines.

Those banks who thought e-banking is a good reason to deplete staff strength. Throw people into labour market. Behold crowd in your banking hall.

spot on

bushdoc9919:


For now....it would hold down inflation....and buffer the value of the naira.

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

donholy28:
u never dey situation way u need like 500k and d fastest way to withdraw na ATM den dem come say na only 60k u fit withdraw 4 d day...person wey u keep 4 hospital fit die sef

Exactly!!!

rexel99:
[b]In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.[/b)

Junk journalism. It's sad that this came out fron a mainstream media company not an online medium. The withdrawal limit is still N150,000. The N60,000 on applies to withdrawals abroad. It's foolhardy to think the CBN would reduce the local withdrawal limit when the are trying to push forward the cashless policy.reducing local withdrawal has no bearing on tightening the naira freefall in the forex market.

Ok, I hope you're correct

barcanista:
@Ndidi what do you expect from a man that has lost touch with economic realities? I just can't fathom the reason behind this policy.

Are you referring to Buhari or the CBN governor?

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.

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

menix:
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..

contemplating a trip to Dubai soon, how easy is it to use gtb MasterCard there?any charges for withdrawals or paying via Pos?

ndidibabe:
Are you referring to Buhari or the CBN governor?

I'm referring to Emefiele. Buhari has no clue na

60k?dis z 3badt

barcanista:
I'm referring to Emefiele. Buhari has no clue na

That's unfair on Buhari. At least he is better than GEJ who doesn't see corruption as stealing.

onyxo76:
contemplating a trip to Dubai soon, how easy is it to use gtb MasterCard there?any charges for withdrawals or paying via Pos?

U get billed 100 dirham (around 6k) for a withdrawal, don't know of d POS but u certainly get charged..

Not new, since May.

Well they are killing us here (abroad ) I paid a total of 10k for obtaining 50k from atm in Malaysia.

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.

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?

are they forcing us to use cheques?

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.

BrownCookie:

Lwkmddddd.

MrCuddles:
Those that don't have anything in their account are the ones that will start making noise and booking space, just watch.

lwkmmmmmmd.

MrCuddles:
Those that don't have anything in their account are the ones that will start making noise and booking space, just watch.

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

Shuo! See me see trouble o, wetin dis govt mean self? Na dem go tell me how 2 spend my money again?

FriedPlantain:
So you been wan spoil our eyes with your size 20 font before ba? Werey

[size=20pt]LMAO[/size]

fatdon2:
The new CBN man is brainless , I thought we where moving to a cashless economy. Now people will prefer to have their money kept in
their homes. Bcus withdrawing above the counter also has its limit and charges are applied. Now ATM has its daily limit. So in other word they reducing the purchasing power of us and hereby allowing us to have our money in our home saves. Bad policies.

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.

BraniacX:


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

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.

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

shadowripper:
Best way forward

You ask me why? Ask China.

This is another way of imposing what China did some years back. By pegging how we spend, we will focus on other areas that has been laying there just looking. Now, all attention will go to Aba made shoes instead of buying the italian one online for $1,298.

On the long run, we are making this country a better place forcefully.

Just tell me where in Aba u bought ur Chinco made phones and laptops Do folks like u think b4 u type