Quote from: CryptoHeadlineNews on Today at 12:49:06 PM

Quote from: CryptopreneurBrainboss on Today at 07:31:24 AM

Quote from: sokani on December 10, 2022, 10:20:32 PM

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

Following the announcement wey CBN make, say dem wan limit the withdrawal of cash to N20,000 daily and N100,000 weeky for individuals and N100,000 daily and N500,000 weekly for organisations wey suppose take place on 9 Jan 2023. The house of reps no gree at all about this recent infoment, and as a result them don order CBN to stop the implementation of this new policy and them don send the CBN governor Godwin Emefiele letter make him appear before the house on 15 December 2022, make him come torchlight about the new policy and tell them why dem go allow am to stand.

https://community.thenationonlineng.net/forum/breaking-house-of-reps-orders-cbn-to-suspend-new-cash-withdrawal-?xg_source=twitter

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.

And where POS people go get all the denomination of money wey them go give customers just like you said Sir Brainboss? Abi you forget say na people wey dey do POS business dey withdraw the highest volume on A.T.M daily? Because this new policy will really affect slot of businesses and most especially P.O.S that have created over 1 million jobs all around the federation.
But the only solution to this will be if CBN limit only cash withdrawal, while making mobile transactions unlimited whereby a user can transfer over a million naira daily without restrictions, then this will be a success. But in a scenerio whereby this also affect our daily transfer limit to only #20,000 while weekly #100,000, then that means our economy is dome.

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.

CryptoHeadlineNews it seems you have misunderstood some part of the new CBN policy on withdrawal limit via the counter and on POS, in your last paragraph you mentioned a scenario where a citizen wants to buy car and transaction will take 10 weeks. Note the limit is not include bank transfers so if you have an account where you can transfer more than 1 million in a single transaction why not you can do that, the only limit is when you want to take cash, the whole concept is to promote a cashless society which has been an initiative since 2012. One of the things people failed to mention each time is the other column of the policy that stated that if a citizen wants to withdraw an amount above twenty thousand nairas will pay fees of %5 and 10% respectively. That means citizens have not restricted to only a daily 20k per day withdrawal but can withdraw above that amount if they are ready to pay the fees which will become taxes for the government.