Naija Novice Hangout {Newbies introduction & Orientation} Thread.

[EarnOnVictor]

I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly).  Too bad.

Mate, the policy e no dey like dat. Na only cash withdrawal is limited to 20k on ATM while inside Bank is 100k or individuals but for organizations and companies can withdraw from 500-1m. Apart from the daily cash withdrawal limit. You can transfer any amount of money to another person through e-transaction. They are trying to establish and also trying to make the e-naira more stronger and appreciatable. The limitation of cash withdrawal will affect everyone. But will affect POS more because 100k per day can not even up one family expensive, only one person nao go come collect the money and go home. And that day business e don end till the following day.  And HOR can not do anything because Buhari is backing them.

D issue be say people dey react before dem think, I no know wetin dey worry our people as wetin we need 4 our economy to grow, fight against corruption, money laundering, vote buying and many more translate to bad thing. Limiting cash withdrawal no translate to stopping you from spending your money, e go only increase accountability electronically. I no know wetin person wan buy with cash wey N100k no fit buy weekly, and if e no fit buy am, make d person do transfer. Even 4 local market, I dey do transfer for goods less than N2k, so wetin con be d big deal? CBN no dey hold anybody moni.

Anyone wey dey fight dis withdrawal limit is either ignorant or be enemy of progress bcos dis no go affect anybody badly. Even d POS people wey dey talk, special package dey 4 dem, but it must be properly documented. And our senate/rep wey dey talk, na their self interest dem dey fight for, e no go be business as usual 4 dem, but nobody fit missout 4 dis, not even d rural area people wey CBN don engage 1.4 million super agents to cater for.

Make everybody save their weekly cash of N100K for small spending and transfer for higher spending, simple!

[Coyster]

Sha I been never talk for this matter since e come up so make I talk small, people wey think  say POS people go run out of business no understand wetin this new rules go do for them.

Government say na only ATM go dey remit 2,2 hundred Naira note oh dem no say POS follow and beside POS na individual businesses wey fit dey remit any denomination wey dem want meaning businesses go dey go well for dem. The maximum limit go affect everyone sha but with POS you fit they collect 200, 500, 1000 etc and trust Nigerians dem go use fees kill us.

When people talk of POS services running into issues, the question here isn't the denomination they would be able to pay to customers. PoS service is a business were customers make a transfer either through their ATM card (remember that the limit on PoS terminals is now 20k daily) or mobile banking (most Nigerians can never reach the daily limit on this very one ) in return for cash, thus if cash is scarce/unavailable, they (PoS services) wouldn't have sufficient funds to pay to their customers who would make transfers to them, thus reducing their daily income.

Having said that, Mind you that they themselves also have to withdraw the said cash they pay to customers from the bank, and now there is a 100k weekly limit at ATM stands, whilst over the counter banking allows 100k and 500k weekly for individuals and corporate organizations respectively, with 'outrageous' charges if you decide to go above those limits. It definitely is going to affect big PoS services because most of them pay amounts higher than these to their customers daily.

[Lida93]

Collection of PVC for the 2023 general elections.

source:https://www.premiumtimesng.com/news/568710-inec-announces-dates-for-pvc-collection.html

The Independent Electoral Commission has commenced the issuance of the permanent voters card PVC for those individuals that did their registration in this year 2022, from today 12th December to January 22nd, 2023.  We're all encouraged to go the commission office in all our local government areas or wards to collect our cards through Mondays to Sunday's 9am to 3pm.

Please let's do well to go get our PVC as it is that only possibly legit means for us to elect the kind of good leaders we all hope for in our country. Don't exclude yourself from the process, come out even on the election day and cast your vote, "for bad men get into governance because good men sit down and do nothing". The 2023 is just about 74 days from now.

NAIJA go beta!

[Marykeller]

NEWS UPDATE: House of reps orders CBN to halt new cash withdrawal limit[/color

Unfolding information wey you suppose know about the daily and monthly withdrawing limit wey CBN implement give all Nigerians. Things you should to do or know as a business owner or as an individual wey d for the country(Naija). Take note of all this and help spread the information for people wey get small or big businesses.

The new cash withdrawal limits will have tax implications especially for individuals and MSMEs.

As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.

This will trigger various tax obligations including:
Income tax: If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.

If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.

VAT: All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.

PAYE: All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.

Individuals: The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.

What to do: If you're a small business owner, you need to take some steps now:

1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)

2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.

3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.

[SOKO-DEKE]

I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly).  Too bad.

Abeg, make we dey try understand tinx B4 we dey criticise it. Dis new withdrawal policy I beliv d policy go help country to taku insecurities and corruption flow.


* make we no sai we fit transfer one billion if we like,u fit spend one million in a day if you like but it must b traceable by use of cheque, transfer, pos.

*u must not have more than 20, 000 naira cash with u in a day. Imagine if robber now no sai they can't get more than 50,000 thousand naira with family, with all their efforts. How many go dey play Dat risk game?

* imagine if kidnappers no sa they go wait for 30 years to collect Ransome of 10 million naira only. and then go  have to five 10 years to deposit it in their account to be able to use it. Na big wahala for dem

Abeg make na give dis policy chance,It will b gud for our economy and security.

[Frankolala]

Open a separate bank account for your business (or  one for that purpose if you already have a business account) and don't mix business with personal transactions.

This na d one wey make we take serious o,this na serious security issue na e this mata dey about and to stop plenty bad things wet the love of money dey make pple do. The ilaw go help but e too soon my mind dey tell me say maybe na because of election make this people dey rush make e start on the 9th next year.

I hope say nobody go dey above the law for this matter because those bankers are corrupt,them go fit give big CA's out coded to these individual politicians so that them go get their own cut. Nigeria dey always put law to affect poor man pass o. Before u know now dem go dey pass backyard go dey collect 10 million cash.

[Mr.right85]

I hope say nobody go dey above the law for this matter

U reli beliv say pple no go dey abov d law? Som pple 4 d naija already bin don nd still dey a lik say, we no go constitution 4 d nation nd truly, ntin dey sup nt 2 talk of dis one way b smal mata.

I doubt say, dis policy way dem bring so go affect any bigman 4 d nation. Who wan dey check am cef, abi na as we dey relate am to forth Co.ong election mata. U nd me knw say, Tinubu or Atiku, no go ft enter any bank 4 we naija con talk say, dem wan collect 10m in a day nd get bounced bck, e no go happen.
 If na bribe dis men wan offer 4 volt, d money to use run am go comot 4 volt if, dem nevr evn comot am already.

E ft help dem small shah wth cost of printing notes.
D way I see dis policy, na jst law 4 common man, e no pass lik dat. D nation as e be, no b all of us get am again.

[Zanab247]

Comrades join me to celebrate and thanking God for a successful academic Programme. The journey was not as smooth as it should be neither was it  bed of roses but God saw me through my years in the Rivers State University, Port Harcourt. Irrespective of the challenges encountered during the process, it all ended in praise.
Comrades, it is with great joy I made this post here for you to join me thank God for achieving this height in academics as a Researcher and an Agricultural Extensionist /Administrator.
Yesterday Saturday the 10th of December 2022,  I officially  rounded up.
May the Lord God Almighty who made it possible for me make it possible for all of you in all  your endeavors.

Glory be to God.

congratulations bro, this is the kind of good news I love to hear from this forum because is not easily for someone to achieved such certificate in this present government that is making people to struggle to feed. Cryptsafe , I no dis forum really contribute to ur academy which u will never forget to do everything possible to appreciate people dat made dis platform available for members like us to enjoy and to grow well in the community, Once again congratulation cryptsafe for ur new achievement.

[NdaMk]

The new cash withdrawal limits will have tax implications especially for individuals and MSMEs.

As many people will be forced to carry out transactions using electronic payments, small businesses that currently operate mostly on cash will become visible to the tax authorities.

This will trigger various tax obligations including:
Income tax: If your business is registered as a company you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25m, 20% if your turnover is between N25 to N100m, 30% if your turnover is more than N100m) in addition to Education Tax at 2.5%.

If your business is not registered as a company then you will be liable to personal income tax based on graduated taxable income bands between 7% and 24%.

VAT: All businesses are required to register for VAT and charge 7.5% on their goods and services except those with annual turnover below N25m.

PAYE: All employees earning more than N30,000 per month are liable to PAYE which must be deducted and paid to the tax authority by the employer on a monthly basis. You may also be liable to other statutory contributions such as pension depending on your staff strength.

Individuals: The more transactions you make electronically the more the tax authorities will get the intelligence to track your income and net worth making it easier to fish you out if you are a tax evader.

What to do: If you're a small business owner, you need to take some steps now:

1. Register with the relevant tax authorities (FIRS and the State Internal Revenue Service where you operate)

2. Open a separate bank account for your business (or dedicate one for that purpose if you already have a business account) and don't mix business with personal transactions.

3. Government on its part needs to sensitise the general public especially small business owners, and the CBN should ensure a proper handshake with the fiscal authorities. For instance, the conditions for excess cash withdrawals could include Tax Identification Number.

With all dis things wey you don highlight more about the new policy of the CBN, it makes more sense if d general public knows more about the benefits of it here. Dis will help d economy of the country and help reduce crime rate for the country. I hope dis is just as  they’ve said it and they don’t have any oda purpose for mind. Because our naija leaders just get as dem dey be when money don dey involved to lobby for themselves. E go better no be today matter, we dey hopeful say things go beta for good soon.

[Wiwo]

I.e imagine you want to buy a car of one million naira, that means as an individual, you have to wait for good 10 weeks to complete a transfer of just only one million naira (#100k weekly).  Too bad.

Abeg, make we dey try understand tinx B4 we dey criticise it. Dis new withdrawal policy I beliv d policy go help country to taku insecurities and corruption flow.


* make we no sai we fit transfer one billion if we like,u fit spend one million in a day if you like but it must b traceable by use of cheque, transfer, pos.

*u must not have more than 20, 000 naira cash with u in a day. Imagine if robber now no sai they can't get more than 50,000 thousand naira with family, with all their efforts. How many go dey play Dat risk game?

* imagine if kidnappers no sa they go wait for 30 years to collect Ransome of 10 million naira only. and then go  have to five 10 years to deposit it in their account to be able to use it. Na big wahala for dem

Abeg make na give dis policy chance,It will b gud for our economy and security.

SOKO-DEKE make I be the first person  to congratulate you here on your full member rank, try wear avatar make you see how e feels to wear one. am always excited to see members coming up and attaining new ranks.
Back to the topic of discussion, let me make a quick point of clarity, the #20k daily limit on withdrawal does not mean only 20k can be withdrawn in a day but there is another part that stated that if individual want to withdraw above that amount there will be subject to pay 5%-10% processing fees. Alot of Nigerians don't read the thing before they react to them and social media also have not helped the matter with fake news all around instead of spreading awareness about the new policy, they're busy complicating issues and trying to confuse the gullible public.

[Agbe]

Dis thread is producing low and off topic discussions throough out this last week. There is nothing to discuss again, now I can see dat the thread was not moving for last two years plus. If you can see the activities of the thread is very low though I might be di only one noticing it in that way. Those who are good in bitcoin are quite, and politics will be remove from do the thread next month. As it is I am confused here. The free flow of discussion is...

Those who are good in bitcoin brought topics let discuss.

[RockBell]

You no need to bother yourself too much about this matter my guy, if dem implement dis then even the market people go improvise, na because dem never introduce am you dey reason say e go hard. Even person wey no go school now fit operate and use ATM machine. Before dem introduce am for even civil servants to dey collect money from bank instead of table payment dem been grumble but now dem prefer am like that. Anything wey person put head say him go do, e go definitely work out like that. Make we just dey watch see how the matter go be after dem implement am because I no see any reason wey dem go stop am now since e don reach dis stage like dis.

The thing be say for this our very country we like to jump into conclusions without proper investigation and analysis. We go just sit down for chambers dey talk I hear say this and that. If you really take out time to go through this new policy you go realize say CBN really try with this new policy. Is not that you can not spend more than 20k a day as majority of us dey think. You go fit spend millions or billions of naira a day but all transactions must be traceable na wetin CBN dey try achieve be that. Even the reps wey wan make dem reverse the policy na for their selfish interest and not for the interest of Nigerians.

my brother na true you talk the new policy actually make sense he go actually give the currency value and reduce the circulation of cash in general, so them try abeg make we look at the positive aspect of the policy, if you look am we get so many policy to amend and starting from the cbn I like this step them take, at least reformation done they come small small my brother.

[Davidvictorson]

Cashless Economy Wahala
The other day, I comot with my guys go one Lounge for we area to watch one of the world cup games. Normally, we buy some drinks as we dey watch the game. After the match end, e reach time to make  payment with our bank card, na so the waiter talk say if we wan make payment using their POS we go add N100 for charge. She talk say na so e be. Las las we nor wan talk too much, we pay the extra N100 charge o.

The whole thing come make me dey think say e be like say this cashless economy thing get as e be o. Because e just go against wetin I feel say na how cashless economy suppose be. How I go pay extra charge because say I wan use POS pay for wetin I buy?
How una see am. Anybody don experience this kind thing before?

[Marykeller]

Cashless Economy Wahala
The other day, I comot with my guys go one Lounge for we area to watch one of the world cup games. Normally, we buy some drinks as we dey watch the game. After the match end, e reach time to make  payment with our bank card, na so the waiter talk say if we wan make payment using their POS we go add N100 for charge. She talk say na so e be. Las las we nor wan talk too much, we pay the extra N100 charge o.

The whole thing come make me dey think say e be like say this cashless economy thing get as e be o. Because e just go against wetin I feel say na how cashless economy suppose be. How I go pay extra charge because say I wan use POS pay for wetin I buy?
How una see am. Anybody don experience this kind thing before?

Which kind whining be that? To charge 100naira for POS transaction of drinks wey I buy from una. That's madness. It is not done anywhere. The only time wey a POS operator fit charge you money na when it is done outside and you are the one that called them. Not for a waitress to charge you for making use of their own business POS (Like am being charge of paying bill with una POS), Reason am that's to bad

I don't know why our country people like to take advantage of every small little thing wey happen for the country. It is very tiring and annoying, sae the FG never fully implement the new law and our people wan bring mago-mago into am.

[Coyster]

Dis thread is producing low and off topic discussions throough out this last week. There is nothing to discuss again, now I can see dat the thread was not moving for last two years plus. If you can see the activities of the thread is very low though I might be di only one noticing it in that way. Those who are good in bitcoin are quite, and politics will be remove from do the thread next month. As it is I am confused here. The free flow of discussion is...

Those who are good in bitcoin brought topics let discuss.

Where are you getting that idea from, that this thread is producing low and off-topic discussions, mind you that it is impossible to eradicate spam completely, even the forum generally hasn't been able to achieve that, thus there would definitely be spam and off-topic discussions from time to time in this our local community, i don't see it as a problem if the quality and constructive discussions outweigh them.

Having said that, this thread has grown tremendously in the past two years, what are your reasons for claiming it hasn't been progressing? Mind you that you can't compel someone to post here, if a user has decided to stop posting here for any reason whatsoever, then it is what it is, but do not undermine those who regularly make posts here by saying: "those who are good in Bitcoin are now quiet", there are quite a lot of active users here who are good in Bitcoin discussions and can help out in that area if the need arises. No user here can ban discussions on any particular subject, i guess the suggestion was only made for the monthly award stuff or so.

[Wiwo]

Cashless Economy Wahala
The other day, I comot with my guys go one Lounge for we area to watch one of the world cup games. Normally, we buy some drinks as we dey watch the game. After the match end, e reach time to make  payment with our bank card, na so the waiter talk say if we wan make payment using their POS we go add N100 for charge. She talk say na so e be. Las las we nor wan talk too much, we pay the extra N100 charge o.

The whole thing come make me dey think say e be like say this cashless economy thing get as e be o. Because e just go against wetin I feel say na how cashless economy suppose be. How I go pay extra charge because say I wan use POS pay for wetin I buy?
How una see am. Anybody don experience this kind thing before?

Bros make I ask you, your bill dey above #10k?
The answer is no, so why didn't any of you guys hold spear cash like 5k to 10k which is less than the daily withdraw of 20k which is way less than your bill for the day. The question we should ask ourselves, is how many Nigerians leave above #20,000 a day for daily needs, the answer is that inside 100% only 30% fall into this category, the remaining 70% fall into the category of those that spend less than #20,000 daily. With that we should know that this new monetary policy will check mate so many things in the economy, and even price of good will reduce because our currency will have value internally. Another thing I will like you to note is, this new monetary financial policy from CBN will eliminate the place of pos and replace it with e-payment such as scan and pay which can take any amount through electronic banking. So no body go need pos and even if there is need the fees will be less since there is less cash in the economy.

[GiftedMAN]

Dis thread is producing low and off topic discussions throough out this last week. There is nothing to discuss again, now I can see dat the thread was not moving for last two years plus. If you can see the activities of the thread is very low though I might be di only one noticing it in that way. Those who are good in bitcoin are quite, and politics will be remove from do the thread next month. As it is I am confused here. The free flow of discussion is...

Those who are good in bitcoin brought topics let discuss.

@ Agbe, you dom talk wetin dey your mind base on say na wetin you observe but e get wetin I think say no dey right for some things wey you talk wey I wam try correct. First of all, the thread was created to discuss the things of cryptocurrency and how e take relate and concern us for we naija here so if the main reason wey make we create the thread no be wetin we dey discuss here then you dey correct and person no go blame you for anything but for you to come out say nothing day again to discuss here base on say maybe no body talk about crypto-related things last week e no make sense at all and you go need to do the needful.


Another thing wey dey there be say all of us dey here together you no need to feel bad or dey confused about wetin dey happen rather you fit still ginger men with your research then bring better topic wey be crypto related so that men go follow chuck mouth so that those off topic things go dey less abi how you see am?

[Agbe]

Cashless Economy Wahala
The other day, I comot with my guys go one Lounge for we area to watch one of the world cup games. Normally, we buy some drinks as we dey watch the game. After the match end, e reach time to make  payment with our bank card, na so the waiter talk say if we wan make payment using their POS we go add N100 for charge. She talk say na so e be. Las las we nor wan talk too much, we pay the extra N100 charge o.

The whole thing come make me dey think say e be like say this cashless economy thing get as e be o. Because e just go against wetin I feel say na how cashless economy suppose be. How I go pay extra charge because say I wan use POS pay for wetin I buy?
How una see am. Anybody don experience this kind thing before?

Every transaction in POS just like bitcoin wallet transaction, there is a transaction fee paid to the machine. Just like transaction fee to the nods. So the #100 transaction fee was not for the profit of the business owner but for the machine charges. Remember the machine is not for bot but for personal use in the sense that when person want to use card for payment that when it is used. The #100 charge is to fill the vacuum of the machine charged.

Dis thread is producing low and off topic discussions throough out this last week. There is nothing to discuss again, now I can see dat the thread was not moving for last two years plus. If you can see the activities of the thread is very low though I might be di only one noticing it in that way. Those who are good in bitcoin are quite, and politics will be remove from do the thread next month. As it is I am confused here. The free flow of discussion is...

Those who are good in bitcoin brought topics let discuss.

Where are you getting that idea from, that this thread is producing low and off-topic discussions, mind you that it is impossible to eradicate spam completely, even the forum generally hasn't been able to achieve that, thus there would definitely be spam and off-topic discussions from time to time in this our local community, i don't see it as a problem if the quality and constructive discussions outweigh them.

Having said that, this thread has grown tremendously in the past two years, what are your reasons for claiming it hasn't been progressing? Mind you that you can't compel someone to post here, if a user has decided to stop posting here for any reason whatsoever, then it is what it is, but do not undermine those who regularly make posts here by saying: "those who are good in Bitcoin are now quiet", there are quite a lot of active users here who are good in Bitcoin discussions and can help out in that area if the need arises. No user here can ban discussions on any particular subject, i guess the suggestion was only made for the monthly award stuff or so.

Nobody can predict the future but someone can tell how the future will be. Today we are celebrating because the thread is active. I am of the full support of the political discussion in the thread and I even voted for it. That doesn't mean that I should deviate from the core mandate of the thread. I was one of the number one novice in the forum. Dat is y I am trying my best to learn. But if I have offended u through my comments, sorry. But those who are really ready to learn might not come her or mute the thread till the main board comes.

[Coyster]

Nobody can predict the future but someone can tell how the future will be. Today we are celebrating because the thread is active. I am of the full support of the political discussion in the thread and I even voted for it. That doesn't mean that I should deviate from the core mandate of the thread. I was one of the number one novice in the forum. Dat is y I am trying my best to learn. But if I have offended u through my comments, sorry. But those who are really ready to learn might not come her or mute the thread till the main board comes.

You haven't offended me in anyway whatsoever, and we all have a right to air our opinions without fear, i do not have any problem with any sort of discussion that is brought up here, so long as it is on-topic and presented constructively, i must admit that some topics/subjects are unnecessary and unfit to be discussed here, but i think we might have to put up with it until we have our local board, if we tighten moderation here at this time we might dissuade people from here, that's why we are just trying to be diplomatic in all that we do.

Having said that, i do not think learning is in anyway being hindered in here, nor is questions or enquiries relating to Bitcoin being snubbed, it is just a matter of what users bring up for discussion, i'm ready to discuss on any subject that's on-topic, if a user here today stirs up a subject about Bitcoin, i don't think they are going to be snubbed, we are all going to react to it, and have our say/opinion.

Every transaction in POS just like bitcoin wallet transaction, there is a transaction fee paid to the machine. Just like transaction fee to the nods.

If i am not being nitpicky, transaction fees aren't paid to nodes per se, transaction fees as well as block rewards is paid to the particular miner who solves the complex 'puzzle' and creates a new block. Mind you that no be every node be miner, but every miner must to run a full node before e fit mine.

[uchegod-21]

Collection of PVC for the 2023 general elections.

source:https://www.premiumtimesng.com/news/568710-inec-announces-dates-for-pvc-collection.html

The Independent Electoral Commission has commenced the issuance of the permanent voters card PVC for those individuals that did their registration in this year 2022, from today 12th December to January 22nd, 2023.  We're all encouraged to go the commission office in all our local government areas or wards to collect our cards through Mondays to Sunday's 9am to 3pm.

Please let's do well to go get our PVC as it is that only possibly legit means for us to elect the kind of good leaders we all hope for in our country. Don't exclude yourself from the process, come out even on the election day and cast your vote, "for bad men get into governance because good men sit down and do nothing". The 2023 is just about 74 days from now.

NAIJA go beta!

Thank you my brother for the update. Dem don too decieve us say our votes no go count and yet dem dey buy PVC. If vote no go count why dem dey buy PVC? Why dem dey share money for polling unit to carry influence our conscience.
Make everybody stand up for the truth.
Stand up against people wey think say na dem get this country.
Stand up against "my turn" people wey don already share the country positions without our consent.
Stand up for those who don dey thief and wan be president since 1993 till date and yet dem go talk say na youths be the leaders of tomorrow.