Central Bank of Nigeria to limit cash withdrawals

[Cyber_Alien]

discussing the new currency redesign strategy. It's a major diversion. The economy will be hit hard by the costs. How will the bank interact with the 774 local government?
Additionally, it would put a lot of people out of commission. Due to the lack of banks in the majority of local government districts, the elderly and unbanked may not be able to handle the lengthy lines in the banking hall.

[Majestic-milf]

Due to the lack of banks in the majority of local government districts, the elderly and unbanked may not be able to handle the lengthy lines in the banking hall.

I don't really get it, how can everything in this country be all about politics. So if we have to stand in a long a queue just to collect our PVC they expect us to do the same when it comes to exchange of the old naira note to the new one.

I only see distraction in all these, election is by the corner and they are using this to keep the poor masses busy over nothing.
Was expecting this change and all that to be done after the election.

[Ojima-ojo]

This is a new policy, so we'll have to wait and see where it goes. The reason for this may be unknown to many Nigerians, but I believe the main intention is to improve the economic clampdown that the country has been experiencing for quite some time. Let us think positively about this, and I hope the true motive is to benefit everyone, both rich and poor citizens. Before reaching this point, I'm sure it was subjected to extensive scrutiny by top government officials; we hope the Federal Government of Nigeria has made the right decision.

Nigeria is not the first country to go on a currency revaluation and change in monetary policy, countries around the world have undergone similar economic recovery policies, so this could be a good way to recover the recessed Nigerian economy and help to recover stolen national treasury by the politician who the majority of them are already indicted for money laundering and other financial crimes.

[Tazzy4050]

Due to the lack of banks in the majority of local government districts, the elderly and unbanked may not be able to handle the lengthy lines in the banking hall.

I don't really get it, how can everything in this country be all about politics. So if we have to stand in a long a queue just to collect our PVC they expect us to do the same when it comes to exchange of the old naira note to the new one.

I only see distraction in all these, election is by the corner and they are using this to keep the poor masses busy over nothing.
Was expecting this change and all that to be done after the election.

A lot of banknotes are currently been hoarded in the homes of politicians to be used for vote buying and other election malpractices during the coming election. These politicians will be forced to inject these banknotes back into the economy.

[Vinaa77]

The central bank of Nigeria is changing up the entire system to try to boost the economy and the dwindling naira.
I personally do not fancy the idea of limiting how much cash withdrawals one can make within certain periods of time and putting a low cap on that.
This would adversely affect SMEs around the country and while it would push more people to exchange digitally through cashless means, it would have lots of negative sides

How the policy would impact the economy and more importantly the citizens would be seen next month.

Maybe most of the banks implement this system by limiting the amount of daily withdrawals, or withdrawals for a certain time. Even if the bank is privately owned, we cannot make large withdrawals if we have not notified beforehand.
What CBN bank has implemented is also part of limiting the circulation of money. However, on the other hand, I believe that the money from companies or individuals stored in the bank is used by the CBN bank or used by the government.

[Paul Pogba]

When the state sees that the circulation of money is not good or there is too much it will cause inflation so that the central bank will limit cash withdrawals, this is a common and commonly used strategy, when they see conditions have improved then this limit is immediately removed.

[NdaMk]

This cash withdrawal cap will actually have a positive impact on Nigeria's economic system. It will also enhance cashless policies, exposing many Nigerians to blockchain technology. Perhaps for this reason, the Nigerian government wanted to teach some of its citizens about blockchain technology and may have used this as a test to gauge public interest in it. Additionally, this policy will lessen money laundering and corruption in the nation.

This is exactly what I believe is the reason for all of this. Nigeria's economy requires serious improvement, and this step is a good one to help with that. I hope the government is successful in this endeavor for the benefit of all citizens. I wish it could really expose Nigerians to blockchain technology since the government is showing little interest in it recently.

When the state sees that the circulation of money is not good or there is too much it will cause inflation so that the central bank will limit cash withdrawals, this is a common and commonly used strategy, when they see conditions have improved then this limit is immediately removed.

I hope it improves for the course of the nation at large, the country really needs it and really needs to act on it as soon as possible. Many cases of corruption and money laundering have need the case of Nigeria for the past 20 years, I hope a change of that narrative will come now.

[posi]

This cash withdrawal cap will actually have a positive impact on Nigeria's economic system. It will also enhance cashless policies, exposing many Nigerians to blockchain technology. Perhaps for this reason, the Nigerian government wanted to teach some of its citizens about blockchain technology and may have used this as a test to gauge public interest in it. Additionally, this policy will lessen money laundering and corruption in the nation.

This is exactly what I believe is the reason for all of this. Nigeria's economy requires serious improvement, and this step is a good one to help with that. I hope the government is successful in this endeavor for the benefit of all citizens. I wish it could really expose Nigerians to blockchain technology since the government is showing little interest in it recently.

When the state sees that the circulation of money is not good or there is too much it will cause inflation so that the central bank will limit cash withdrawals, this is a common and commonly used strategy, when they see conditions have improved then this limit is immediately removed.

I hope it improves for the course of the nation at large, the country really needs it and really needs to act on it as soon as possible. Many cases of corruption and money laundering have need the case of Nigeria for the past 20 years, I hope a change of that narrative will come now.

This is not a new action by banks, it is one of the strategies to help improve the economy, and if we pay attention, it will be used more when there is an economic crisis. Many people don't like this idea, but I think what the government is doing is good for the country's economy, and if we are patriots and want the country to progress, we should sympathize with them. I used to be in this situation too but one thing is our money is safe and you can still withdraw it. And if you don't like this, it's best not to deposit money in the bank but protect your own money, you will never have this problem.

[Outhue]

This is a new policy, so we'll have to wait and see where it goes. The reason for this may be unknown to many Nigerians, but I believe the main intention is to improve the economic clampdown that the country has been experiencing for quite some time. Let us think positively about this, and I hope the true motive is to benefit everyone, both rich and poor citizens. Before reaching this point, I'm sure it was subjected to extensive scrutiny by top government officials; we hope the Federal Government of Nigeria has made the right decision.

Nigeria is not the first country to go on a currency revaluation and change in monetary policy, countries around the world have undergone similar economic recovery policies, so this could be a good way to recover the recessed Nigerian economy and help to recover stolen national treasury by the politician who the majority of them are already indicted for money laundering and other financial crimes.

The right question you all need to ask yourselves is, in Nigeria is this the first time that the government will change their currency? I am sure it's not, so have this ever work out as planned on the long run ? The answer is NO.

Changing the currency won't change anything, it's only a matter of time before Nigerians find themselves in the same spot before the next election begins.

[Wiwo]

Changing the currency won't change anything, it's only a matter of time before Nigerians find themselves in the same spot before the next election begins.

I have a contrary opinion about this, not everytime a new policy come out that it will result into a policy summer sort, the central bank of Nigeria has taken a giant step to recover the economy from private and individual, politician and other financial saboteur and to a great extent. This new policy look positive to me and other financial analysts within the country most especially now that we are close to the national general election where naira notes are usually abused during campaigns and on the day of election for vote buying.

it's only a matter of time before Nigerians find themselves in the same spot before the next election begins.

This time it will be hard for Nigerians to fine their way to abusing the new policy, most especially now that the only option open to both pos and individual bank users are subject to processing fees of up to 10% for transactions above the 20k limit.

[Gozie51]

This time it will be hard for Nigerians to fine their way to abusing the new policy, most especially now that the only option open to both pos and individual bank users are subject to processing fees of up to 10% for transactions above the 20k limit.

This is not exactly true with your assumption. Nigeria has good laws but the implementation is the challenge. It takes political will to do that and that is not usually easy with the Nigerian system that is always running on favouritism and selective justice. This law may look good on the poor and masses but politicians will violate it without no punishment, so this is the issue and that will bring selective implementation.

[RockBell]

The citizen on the other side is impacted by every policy. The government is working to create a cashless society in order to improve efficiency and boost the economy. In a way, they believe it will reduce corruption, and they want to reduce the circulation of cash while they wait to see if the policy will change things. Therefore, I don't feel like the withdrawal limit will benefit many people, especially those doing business on a large scale.

[19Nov16]

discussing the new currency redesign strategy. It's a major diversion. The economy will be hit hard by the costs. How will the bank interact with the 774 local government?
Additionally, it would put a lot of people out of commission. Due to the lack of banks in the majority of local government districts, the elderly and unbanked may not be able to handle the lengthy lines in the banking hall.

Redesigning a currency is not the right solution to solve economic problems, people save money in banks hoping to be able to take it at any time, when withdrawal restrictions occur it will create panic, the best thing to avoid this is to divert money to various types, for example bitcoin or altcoins.

[coupable]

discussing the new currency redesign strategy. It's a major diversion. The economy will be hit hard by the costs. How will the bank interact with the 774 local government?
Additionally, it would put a lot of people out of commission. Due to the lack of banks in the majority of local government districts, the elderly and unbanked may not be able to handle the lengthy lines in the banking hall.

Redesigning a currency is not the right solution to solve economic problems, people save money in banks hoping to be able to take it at any time, when withdrawal restrictions occur it will create panic, the best thing to avoid this is to divert money to various types, for example bitcoin or altcoins.

This is one of the solutions that governments resort to to collect money from the black market.  Some of them are not satisfied with changing them, but rather increase their value and increase inflation rates.  Since the spread of the culture of crypto and digital assets since late 2016, we have noticed that some countries have resorted to changing their currencies from paper to electronic, and the reason, of course, is careful monitoring of money movements and financial activity of individuals and companies.  It is an attempt to escape forward and does not provide real alternatives that encourage people to abandon the use of crypto.

[xSkylarx]

We also have a limit on depositing and withdrawing cash in our country, but I am shocked that it was very low in Nigeria. Here in our country, we have a daily limit of $1000, which is pretty big, and if you are just an ordinary person, you can't reach the limit. We all know that they are limiting it because it's for our good, like preventing thieves from stealing our money (only a few that they can get), and also it is a give way to others so that the bank can still cater other withdrawals from other customers.

[Zanab247]

Based on the CBN governor explanation concerning the limit cash withdrawal in the country few weeks ago, show that this new policy will bring good result to Nigeria economy in the future, that will make other countries to copy the strategy from Nigeria government. This policy will help the individuals in the country not to spend money anyhow than to endure to save more money that will make them not to experience poverty from their various places in the country.

[Iroh]

Based on the CBN governor explanation concerning the limit cash withdrawal in the country few weeks ago, show that this new policy will bring good result to Nigeria economy in the future, that will make other countries to copy the strategy from Nigeria government. This policy will help the individuals in the country not to spend money anyhow than to endure to save more money that will make them not to experience poverty from their various places in the country.

I’m curious on how exactly would you think that this new policy would bring a good result to the Nigerian economy in the long run. You also mentioned that the policy would help citizens in the country not to spend money anyhow. That’s amusing to me. A policy stopping citizens from withdrawing a certain amount and you think it’s great because it helps citizens not to spend their own money anyhow. They should ensure and save money so they wouldn’t experience poverty later on. Your reasons for thinking that this policy is good cause it helps people not to spend money anyhow is absurd.

[S A KHAIR]

Based on the CBN governor explanation concerning the limit cash withdrawal in the country few weeks ago, show that this new policy will bring good result to Nigeria economy in the future, that will make other countries to copy the strategy from Nigeria government. This policy will help the individuals in the country not to spend money anyhow than to endure to save more money that will make them not to experience poverty from their various places in the country.

I’m curious on how exactly would you think that this new policy would bring a good result to the Nigerian economy in the long run. You also mentioned that the policy would help citizens in the country not to spend money anyhow. That’s amusing to me. A policy stopping citizens from withdrawing a certain amount and you think it’s great because it helps citizens not to spend their own money anyhow. They should ensure and save money so they wouldn’t experience poverty later on. Your reasons for thinking that this policy is good cause it helps people not to spend money anyhow is absurd.

If you think government policy is unreasonable, do you have a better solution? Or do you just sit there and do nothing and criticize the government? It's funny when many people criticize the government, while the government is the ultimate authority, and others are just commoners who go online to slander the government and do nothing for the country.

[South Park]

I’m curious on how exactly would you think that this new policy would bring a good result to the Nigerian economy in the long run. You also mentioned that the policy would help citizens in the country not to spend money anyhow. That’s amusing to me. A policy stopping citizens from withdrawing a certain amount and you think it’s great because it helps citizens not to spend their own money anyhow. They should ensure and save money so they wouldn’t experience poverty later on. Your reasons for thinking that this policy is good cause it helps people not to spend money anyhow is absurd.

If you think government policy is unreasonable, do you have a better solution? Or do you just sit there and do nothing and criticize the government? It's funny when many people criticize the government, while the government is the ultimate authority, and others are just commoners who go online to slander the government and do nothing for the country.

What about not limiting our cash withdrawals in this manner? Is it really too much to ask from governments and banks that they allow us to get access to our own money at our discretion? After all it is our money, as long as we use it in a legal manner and we earned it legally as well no government should tell us what to do with it or try to limit us in anyway way or form, so it is obvious a move like this was made because their management of the economy is terrible and they are trying to cover it.

[Wiwo]

This time it will be hard for Nigerians to fine their way to abusing the new policy, most especially now that the only option open to both pos and individual bank users are subject to processing fees of up to 10% for transactions above the 20k limit.

This is not exactly true with your assumption. Nigeria has good laws but the implementation is the challenge. It takes political will to do that and that is not usually easy with the Nigerian system that is always running on favoritism and selective justice. This law may look good on the poor and masses but politicians will violate it without no punishment, so this is the issue and that will bring selective implementation.

I don't also think political will alone is the problem that is affecting the effective implementation of policy in Nigeria, and I think that we substitute that assertion for the weak institution as the major setback to policy implementation in Nigeria because if our institutions are strong there will be strict adherence to the rule of law and the political class will not have the chance to manipulate the system, institutions are what is helping developed Nations today and if Nigeria takes the step to make our institutions strong enough, the political office holders will be left with no choice than to follow the set pattern just like it is done in the UNITED STATES we're there is national blue prints and plans that each political office holder will work with for the interest of the nation and not an individual thing.