Estimated reading time: 21 minute(s)
. . .New Policy Would Sanitise Our Monetary System – Public Affairs Analyst
. . .Implications Are Positive and Negative, We Will Adapt – POS Operator
. . .POS Trends On Twitter As Controversy Drags
Sodiq Mojibola
Following the announcement of the new naira policy by the Central Bank of Nigeria (CBN), there has been mixed reactions from different individuals and businessmen who perceived to be directly or indirectly affected by the recent policy.
In the announcement made on Tuesday by the Director, Banking Supervision, Mr Haruna Mustafa, individuals are limited to N20,000 Point of Sale (POS) withdrawal per day while on-the-counter (OTC) withdrawal shall be limited to N100,000 per week.
It was further announced that corporate organizations shall be limited to N500,000 on-the-counter withdrawal weekly, emphasizing that additional withdrawal above the benchmark shall attract processing fees.
The director further stated that this policy would take effect from January 9, 2023.
In this guise, PLATFORM TIMES gathered opinions of Nigerians on the new policy with focus on the possible implications of the new naira redesign policy.
New Policy Would Sanitise Our Monetary System – Public Affairs Analyst
Speaking with PLATFORM TIMES, Paul Oni, a public affairs Analyst posited that the new naira policy as given by the CBN is a welcome development.
He said that the policy would enhance the cashless policy earlier put in place to make it favourable to Nigerians.
“I believe it is possible to start the online applications of whatever purchases we want to do. We don’t need cash, it’s just to improve the cashless policy, and I think it is high time we started something like that, so that the cashless policy will really come to stay,”he said.
He said that people in the rural communities also need to embrace development by welcoming the idea by equipping themselves with phones and teaching them on how to use them for transactions.
Oni emphasized that the policy would be effective in reducing social vices and criminality.
“Villagers have bank accounts and phones they can use to make transfers and many applications right now in town. I don’t believe that in this age, some people still won’t have phones or accounts they can use in making transfers.
“I really think we should support this, so, it will reduce a lot of vices in our society, especially crime related, in terms of kidnapping.”
The public analyst further urged Nigerians to not resolve self-banking as it may well attract thieves.
He reiterated that the policy would have no negative Implications but revitalise our monetary policy in the country.
Be said, “That is what we want to stop. We want to stop self-banking. If we don’t get to keep enough cash at home, then people will make transactions online.
“I don’t see any negative implications other than it will sanitize our monetary system and reduce money laundering crimes. If one doesn’t have cash in his /her house what will thieves be doing in the house? If one doesn’t get enough cash, kidnappers won’t be asking for money.
“If we bring everything online,it will curb kidnapping, and this vote buying for the upcoming election will be difficult for the politicians.” Oni submitted.
Implications Are Positive and Negative, We Will Adapt – POS Operator
A POS Operator and CEO of Distinction Multi-purpose ventures, Ifedayo Akinbola, says that the policy has both positive and negative implications which are possibly adaptable.
He told PLATFORM TIMES his position as a POS Operator, emphasizing on the possible business cum financial upturn that may be engendered as a result of the new naira policy.
In his words, “As business owners, we have other means that we can use to transfer money to our customers. We have USSD and bank apps. The policy is just to reduce excess money in circulation but due to my own particular business as a POS business operator, it actually has a side effect because, even on a daily basis people collect more than N500,000 on a daily basis but for the government policy, we have to adapt as it will affect people that are staying in rural areas even more.
“For POS business operators, we have an association called Association of mobile money and bank agent of Nigeria (AMMBAN). It is mandatory that all POS operators come under the umbrella of AMMBAN. With this new policy, it will even help to have members register under AMMBAN and also it will help have one uniform price because some people have turned this POS business to pure water business, in which some are withdrawing N20,000 for 100 naira but with this policy now we have limited cash at hand to use.
“So, we need to have a uniformed processing fee that every POS operator must follow and immediately we follow that uniform charges we make more money. For example, if someone wants to collect N10,000 I may say my charge is N300 and the person would has no choice to collect it because we have less cash to give out. The policy will help us to gain more money and it will also make many POS operators come under the AMMBAAN umbrella.
“Hence, to us, it’s a positive implication but the only thing that affects our own business is the little cash access to go and withdraw in bank N100,000 a day is too small for us as POS operators.
“The government should increase the money N500,000 per week and N200,000 per day.
The limited withdrawal is too small for us as POS operators to use for our business.
“Everything in Nigeria is politics. They are trying to avoid money in circulation due to the coming election. Even if more people will stop to withdraw in the ATM, it won’t be effective. If I withdraw 100 notes of N100,000 you will see how huge the money will be.
“It will affect us just like when fuel scarcity happened, it affected us but we later adjusted. I believe with time we will all blend into it” Akinbola stated.
POS Trends On Twitter As Controversy Drags
PLATFORM TIMES monitored the twitter trend with hashtag POS on Wednesday, when several netizens tabled their reactions.
It was observed that many are skeptical on the issue, while some think the policy will augur well for the Nigerian citizens.
It was observed that the controversy on the said limited cash withdrawal policy borne on security considerations, businesses requiring 6 to 7 figure transactions, cashless policy, revitalisation of the currency, amongst others.
A Twitter handler identified as ‘@Favouromunua’ said, “The new CASH WITHDRAWAL POLICY disadvantage is more than d advantages if dere is any,
1. It will encourage people to start saving their cash at home since they will be made to pay service charges on extra cash withdrawal
2. It will affect POS business that have help remove more 80% of unemployed youth
3. It I going to affect business owners as they are been restricted to the amount they can withdraw, I would have expected d govt not to put restriction on amount corporate organisation/business can withdraw.
Our economic team needs to think over dis again.”
Responding to the position, ‘G.C.Ozorjiri @COzorjiri’ said, “Young man, have you not heard of cashless transactions? Are Nigerians cursed? Must we be following the old order because majority do not want to evolve? Scarcity creates value. Is the Naira respected when it is spread on the floor at ceremonies?”
Another user identified as ‘Smaq @Moshood_Smaq said, “1, thief will easily visit you at your house if you’re saving your money at home.
2,it will help POS business more.
3,There’s no disadvantages in this new policy, except you’re a criminal!!”
While another user thinks the policy would push people into digitalisation.
User ‘Bosco @Bosco2baba’ posited that, “Point 1: Untrue: It will push people to do less of cash transactions and embrace digital banking which is easily traceable thereby, fights money laundering.
“Point 2: Untrue: POS and other Fintech will expand more and create more solutions and services.” He submitted.
Estimated reading time: 1 minute(s)
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