cryptocurrency involvement: CBN Ban Monipoint Opay Odas to Register New Accounts

[Agbe]

My view is that other commercial banks are behind all these band of wallet, due to that wallet banking are over thrown them, many do dumped them and go for online banking because they are fast and reliable, network always intact, with your smartphone you don't need to be on queue just be in your comfort zone and transactions will be moving smoothly,

Before I contribute to your comment, let me advise you, next time don't post one after the other and if you does, it is call spamming and you be tag with spammer on your profile and it will affect you badly in the forum so don't do that next time when you post one comment, you have to wait for another person to post befoe you post another o e again and not one after the other. Then coming to your comment, you just tok the truth. I also believe that commercial banks are part of the banning cryptocurrency by federal government to o line banking. People not using commercial Banks to make transaction for them to deduct money from them.

This is a notification I got today on my screen.

[Cryptsafe]

I long forsaw this coming. The government knows that Nigerians are beginning to shun commercial banks against the microfinance banks and these banks are being patronised majorly by Crypto enthusiasts making them feel that they are the one manipulating the naira price which in the real sense, the politicians and government officials are the ones causing the naira to fall.
I'm have long decided not to bother myself with anything about Nigeria wars with Crypto ever since the news of the binance escapees saga. I just did not bother any more following up with the case because monkey hands dey inside the pot of soup. How would you explain this that such situations happened to the point of him flying out of the country without anybody noticing it.

Back to the main discussion,  banning these micro finance banks would solve no problem but rather ignite more fire. The economic growth and development of a nation determine the value of the currency of that nation. Nigeria I know is only at the consuming side and barely produce in commercial quantity for exportation but only crude oil and this crude revenue is not properly accounted for. As a matter of fact, that is the conduit at which they do their dirty deeds from. So banning of banks from accepting new registration is just a waste of time.

I totally subscribed to your submissions commercial banks for seen that many do patronize online banking to them, and they come up with the plan and collide with CBN just to bring wallet down if not politicians are the one looting using black market bureau the change for the exchange

I do not think the bank would get themselves involved in this mess going on because they themselves are after their own share of the money or profit if you may like as it is their business and making gains is their goal.  But as an entity under the CBN, they would need to play along in other to secure their name and image before the  law so as not to get their organisation grounded for going against the laws of the land and under which they operate.

It would be nice you  quote reply all your comments in one thread so as to avoid being tagged a spammer here. If you look very well you would see other members and how they did quote replied more than one replies and comments. I will advise you do the same too.

[Sim_card]

If the deposit insurance for people that have 1 billion naira is 1 million naira, that means the deposit insurance for those that have 1 million naira will be more lower and can not be more than 1000 naira if we remove the three zeros as in the division. Maybe I am wrong I am not wrong I do not know, but I just know that I can not keep more than the amount I want to spend for the month on naira account. Cryptocurrencies are better.

It sounds more like the banks are at a disadvantage because they have to pay more than before to their customers who have deposits in the bank, since the deposit insurance has increased. The government may be trying to increase the confidence people have in depositing their money into banks, but I still do not think it's advisable, as you should only keep the amount of money you are okay with losing to banks in banks, and keep more of your investments in bitcoins or other assets.

Why is the government trying to build our confidence in banks when we know that banks are only there to extort us and deprive us from our funds and freedom. I went to the bank recently, and I wanted to make withdrawal, and the cashier said that I can only withdraw 30000 Naira out of 100k. I see the reason why they are against cryptocurrency because they have seen that their banks are failing and that soon the youths will keep most of their funds in cryptocurrency.

[Cryptsafe]

It is sketchy, because I know that all these fintechs have really reduced the profits from the normal banks that have always been existing, so this feels like a targeted attack at them to reduce the dominance they are having over the market.

We all know that it is not impossible.

Deposit Insurance
They are also trying to regulate the maximum amount to be deposited in to banks and they set the maximum of NGN500,000 to NGN1,000,000 and I was thinking of how that is possible. Those Economics Scholars should explain this image.

And if this what I am thinking then I don't think it is possible of setting maximum limit for deposit even if it is for insurance corporation.

This is laughable though. If they set this as a standard for daily deposit then what about those that in a daily basis they deposit ×100 of this amount they mentioned. I think this is a big joke in the path of the economic committee responsible for the formulation of economic policies to suit the current economic status of nation.

There should be some feasible criteria for financial deposit on daily basis so as not to hit up the economic polity of the nation. Currently to get cash is very scarce and mind you, banks are trading physical naira note with pos agents causing shortage of cash in circulation. This has been on for a long time and nobody is saying anything about it. All they care is clamp down on crypto transaction, naira devaluation, daily maximum cash deposit all these unnecessary things that does not bother the economy that is just their focus forgetting the main thing to do to fix the economy of the nation.