Amendment of the CBN cash withdrawal policy

[Fivestar4everMVP]

Hmmm, this na good development ooh, and thank God for the people wey complain and thank you to national assembly wey intervene for the matter.
The cashless policy thing wey CBN dey fight for na good thing, as person wey no dey like to carry cash around myself, i like the policy with all sincerity, but the way wey CBN dey go about it na im be wetin me for no like, the previous withdrawal limit wey them be put in place no be am at all, the thing for really affect both small, medium and big businesses alike, and e for even add more pressure to the current economy wey we just dey manage, this festive period for really hard many people cus food items wey don already dey expensive for even expensive dey more and people no go even see money to take buy wetin they want.

So na good thing say they adjust am, though i believe say people suppose get access to their money anytime, anyday and in whatever amount they want without incurring those fees, but still on still, the current limit is more ok than the previous.

[Franctoshi]

Thank God say last last dis dia yeye policy don dey adjusted, Imagine how dis for kill business for POS people dem, wen we dey talk say work no dey for we countri and dey wan come kill the one wey people take dey hold bodi. We Naija people don suffer 4 dis we current CBN Governor well well with him nonsense policies dem, starting from d time wey him ban crypto transaction till date.
I go hapi the time wen him tenor go finish.

[EarnOnVictor]

I was shocked to receive the confirmation of the CBN's amendment version of the cashless policy in from my banks last week. What first came to my head was that the politicians are at it again, they will always force things and find ways to achieve their aim. It's a graduate process, who knows, they might continue to force the CBN to review the limits upwards over time.

Even Buhari attested to something similar at the banquet hall where he celebrated his 80th birthday last week. Nigerian politicians are desperate, they could go the extra mile to implicate anyone if their demands are not met. Let's continue to watch as the situation unfolds.

[CryptopreneurBrainboss]

So na good thing say they adjust am, though i believe say people suppose get access to their money anytime, anyday and in whatever amount they want without incurring those fees, but still on still, the current limit is more ok than the previous.

No dey misunderstand am chairman, people still get full access to their money. You fit dey transact any amount wey you need but no be for cash. For some away country self, if police see you some huge amount of money dem go fine you. The government dey try make cash scared so the Naira no go dey devalue anyhow. Remember, the higher the circulation of anything the lower it get valued. Just check dollars out, e no easy to get an that's why e dey increase steadily. So if government for make Naira no dey available, we fit dey gain back small value.

Make all transaction dey digital na wetin dey bring all this new policy. Me I like am sha. Already we get debit card wey we fit use for all our transaction and crime fit dey trackable na as dem no go dey demand cash again since e no go easy to get and even when dey get am to store am go be issued as banks no go dey accept those kind deposit again.

[Maestro75]

E get wan status I see for Whatsapp say "people wey get money dey follow they complain about the new cash withdrawal policy, and you wey no get shishi for account dey follow complain too". As I see this status e off me because no be lie sha.

You know say we Naija people too like to showoff. If we no join people weh get money complain e go come be like say na we broke pass na, abi you no get? Na why we deh mix everything join.

We get many businesses wey dey avoid taxes and just dey profit over profit for this country which POS businesses is one of them. I understand say job no dey but all this businesses wey no dey pay taxes follow for wetin dey kill our economy. Taxes is very vital for the sustainability of a country so if government get anyhow dey go use they bill dis business make them implement am and leave the common man.

All the taxes weh people deh pay to government no be am politicians deh still thief back? Na why people no deh like pay tax because thieves weh deh government go still loot am.

[Obari]

This one na better news so far but before I go really choke mouth put for this matter, I been wan know if all this limits and fees actually get to do with online transactions or na just withdrawal of physical cash at any withdrawal terminal?
And secondly this news and development better pass the previous one because even me wey this matter no go actually affect directly I even feel bad because I know say e no suppose be so and I come dey reason the possibility of a company with over 100 workers go take cop for tis very law but thank God say fortunately them don resolve am.
But wetin all this lawmakers dey reason before making any law?

[Smartvirus]

Even from the first day wey the directionless CBN talk am sey na N100k weekly withdrawal e go be, I sabi sey e go fail woefully and na so e come be now. Shame on Meffy and his CBN gang. Since wey dat guy begin head dat institution, na so so issues we dey get with owa accounts for banks. Una don notice the regular withdrawals now once someone send una money? Before e nor be like dat oh. Na only persin wey send dey pay stamp duties, now na both parties dey pay am. E nor funny at all.

My broda, I dey with you on this matter. The guy just cast. Na en type dey be serious dictators wa no dey help nation. E jst dey try do anything way go generate funds and e dey radical and irrational about am. Hom and en cabinet go just get up talk and want am to stand becus, them beliv say, e no go affect them. Them forget say, na the masses dem come to serve. See as them just dey fail themselves hands now with there display of incompetence leadership. Plenty interference don meet there decision to point say, these men them for the CBN no really said wagin them dey do. The just dey test the shores without putting head together first. Abi them think say Nigerians still poor like that...

These guys just need pack commot for that office make better people handle am. I just tie for the whole wahala dem dey create. Dey push people go front and back!

[Marykeller]

You see as our country be so, there are some certain laws wey em no go d easy to implement for the whole country. When I first heard about the daily and weekly withdrawal of 100k, I first of laugh cos I know sae em go work at all. Nigeria na big country wey you no go just wake for one morning to introduce new law wey go affects everybody without going through a due process

Em d good as the CBN try do the needful to increase weekly withdrawal to 500k. Na to tell you sae the masses voices is been heard and em matter also. One's the masses no d in support of any new law wey you introduce, just take am sae, it is doom for failure. I just hope and believe sae our voices will be heard as we long for total change for this our country in the upcoming election

[Coyster]

I been wan know if all this limits and fees actually get to do with online transactions or na just withdrawal of physical cash at any withdrawal terminal?

The limit and fee/charge na just for withdrawal, wetin CBN wan do na to regulate cash wey they in circulation, them wan make people they do most of their spending via mobile and online transfer, the policy na cashless policy, so it affects only the withdrawal of physical cash. As for mobile/online transfer, the fee wey you they pay for am remains the same, nothing change via that way.

And secondly this news and development better pass the previous one because even me wey this matter no go actually affect directly I even feel bad because I know say e no suppose be so and I come dey reason the possibility of a company with over 100 workers go take cop for tis very law but thank God say fortunately them don resolve am.

My brother i no sure say you understand this cashless policy matter oh, e no get company wey they pay their workers with physical cash na, them go transfer their workers salaries to their bank accounts na. This policy only sets limit on withdrawal of cash, you can wire amounts running into millions daily via mobile/online transaction. We don discuss this matter tire, you fit go back read wetin senior men for this board don yarn about this matter, coupled with the links wey them don drop about am, so you go understand am wella.

[SatoPrincess]

I don’t think it’s the worst thing the CBN has ever done. I’m sure they didn’t just wake up one morning and decided the next step to take go curb inflation was to reduce the amount of money in circulation. When I see people bashing the CBN for this bill, I always make reference to Zimbabwe as a case study, the inflation rate in Zimbabwe is so high they don’t even know what to do. The Zimbabwean government are had to abandon their original native currency which is the Zimbabwean dollar and adopt the US dollar. This still didn’t put an end to the hyperinflation in the country. Early this year they introduced the use of gold coins as a way to reduce the inflation. Nigeria isn’t at that point yet, and if this is the only way we can take not to get there, it’s fine by me.

[KupaCrypto]

I knew that withdrawal policy was not going to stand, it's a good one the lawmakers called them to order, putting all this policies in place when a government is about to have over no, it's not good for a country like Nigeria, if they meant good for us why didn't dey implement it since, or will I say the policy is criminally motivated or politically motivate either ways we dont know but suspension or total removal of the policy for now is the best decision the country will take in the presence of this increase in price and fuel subsidy and scarcity of fuel.

[royalfestus]

I knew that withdrawal policy was not going to stand, it's a good one the lawmakers called them to order, putting all this policies in place when a government is about to have over no, it's not good for a country like Nigeria, if they meant good for us why didn't dey implement it since, or will I say the policy is criminally motivated or politically motivate either ways we dont know but suspension or total removal of the policy for now is the best decision the country will take in the presence of this increase in price and fuel subsidy and scarcity of fuel.

I believe this policy has a lot of advantages. A presidential aspirant who lost the right to run for office due to his position as governor of the bank may be questioned about his intentions during election season. What does it mean? Is it revenge? A witch-hunt by the policies has kept the bank Governor out of the country for some time due to allegations of sponsoring terrorism and fraud. There is more to it than we know