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Yinka Ogunnubi
@yinkanubi
, 6 tweets, 3 min read Read on Twitter
This morning, a colleague walked up to me saying she heard that the CBN wants to start charging for every bank deposits she makes. I didn't have the strength to start arguing, I just gave her the circular and asked her to read it. She got the message. #CashlessPolicy

A THREAD
The prelude to this new circular was actually one issued in April 2017 where the CBN suspended the new withdrawal and deposits charges nationwide but maintained only the withdrawal processesing charges for Lagos, Ogun, Kano, Abia, Anambra, Rivers FCT. #CashlessPolicy
So what has changed? Nothing much. The only thing that has changed is the introduction of the processing fees for lodgments in the selected States. The processing fees for withdrawals remain the same and nationwide implementation is still not under March 2020. #CashlessPolicy
So what is the implications of this new circular for individuals & corporates?

For individuals, if you make a deposit of N1m cash in your account, the first N500k will be free but the remaining will be subject to a 2% charge. Meaning you'll be charged N10,000. #CashlessPolicy
For Corporates, if you make a deposit of N6m cash in your account, the first N3m will be free but the remaining N3m will be subject to a 3% charge. Meaning you'll be charged N90,000.00 #CashlessPolicy
When you want to cure darkness, you don't need to do anything fantastic. Just introduce light. Sometimes, the way to cure ignorance is just to make people read the fine prints of the letter. That is a message for someone today. Hope they are willing to read. #CashlessPolicy
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More from @yinkanubi see all

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Yinka Ogunnubi
@yinkanubi
Nigerians actually have time majoring on the minor. They have been focused on the CBN charge on deposits when in reality the real focus shd have been on additional taxes that'll now be incurred on POS transactions.

On the 16th Sept, the @cenbank released two circulars

A THREAD
The first circular was titled "Implementation of the Cash Policy". It is the one we've been debating since yesterday. But the second one was titled "Review of Process For Merchants Collections on Electronic Payment". Now this one is the real deal. It prescribes two regulations.
1. Banks shall unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations and

2. Merchant Service Charges (MSC) has been reviewed downward from 0.75% cap (N1,200) to 0.50% cap (N1,000)

What does this mean?
Read 10 tweets
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Yinka Ogunnubi
@yinkanubi
"We do not talk of mental health enough in this country. We demonize mental health and those with mental illness. In fact, we invented horsewhip to beat mentally ill people because it controls them. Tell me who will not be calm when beaten?" - @sam_adeyemi @DaystarNG
"Jesus predicted that in the end times, Mental illness will increase. In Luke 21:25-26 He said "Men's heart will be failing them for fear." - @sam_adeyemi @DaystarNG
"Faith comes by hearing and hearing by the word of God. What produces faith is also what produces fear. If you keep hearing negative things, it will create fear and make you susceptible to mental illness. Guard what you hear." - @sam_adeyemi @DaystarNG
Read 5 tweets
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Yinka Ogunnubi
@yinkanubi
It's amusing seeing those who argue for the immediate removal of fuel subsidy also arguing against the 2.2% addition to VAT. You can't have it both ways.

Truth is there are a lot of tough decisions to be made and I articulated them in 👇 thread.

None of these decisions are easy and doing them at all has social, economic & political implications. But at least, we can all agree that we need to do 2 things: Cut Govt Expenditure and Increase Govt. Revenue. The challenge is not in the "what to do", it's in the "how to do it".
And it is in the "how" that we are likely not to find an alignment of thought. Because this is where our ideological differences with respect to how we view government, the market and the people will appear. What we can't afford to do however is "Nothing".
Read 3 tweets

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Tosin Olugbenga
@TosinOlugbenga
Effective from today, you will pay a huge fine for cash deposit or withdrawal above N500k individual or N3m corporate in Abia, Abuja, Anambra, Kano, Lagos, Ogun or Rivers State. Rest of the country will take effect from 31 March 2020.
It's worthy of note that this government is bent on inflicting more pains on average&poor Nigerians.

They want to charge both cashed&cashless(online) transactions.

So you don't have option any longer, next is to start keeping your money and boycott the bank,then arm robbers
You might consider joining a 1st Nigerian digital cooperative platform investa.ng of @InvestaNigeria.

One kobo would not be deducted from your money, rather it increases because your money would be working for you and giving you returns.

Register today! #CBN
Read 3 tweets
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Celeste P. is on partial hiatus
@Celeste_pewter
Morning, all -

I know there is a LOT going on, but it's urgent we start paying attention to this.

The US might leave the Universal Postal Union (UPU) on 10/17, "ending 144 years of U.S. involvement in the international body..."

freightwaves.com/news/us-to-lea…
I'll let this paragraph speak for itself: The practical effect of the exit of the U.S. would be a rate increase of at least 300 percent on postal parcel traffic to the U.S. from heavy net exporting countries as rates kept artificially low for decades begin to normalize, according to Matthew White, a strategist for iDrive Logistics, a consultancy working with customers to prepare contingency plans for the possible U.S. exit. U.S.-based international shippers
This is going to have a widespread impact, including for overseas voters: americansabroad.org/news/potential… In the unlikely event such a situation arises, it will be essential that State legislatures respond by ensuring that voter registration, ballot request and ballot documents have submission and receipt deadlines which take into account prevailing international mail delivery times. Careful planning would be vital for ensuring that such a scenario has minimal impact on the integrity of the voting process.
Read 15 tweets
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Dr Remi Adekoya
@RemiAdekoya1
Morning All! It's Day 15, our final session discussing 1945-1967 #NigerianPoliticalHistory based on my thesis research.

Today, we'll be looking at the events of late 1966 and early 1967 directly preceding Nigeria's civil war.
As mentioned yesterday, in July 1966, a group of Northern officers organized Nigeria's second coup, killing Ironsi and appointing Lieutenant-Colonel Yakubu Gowon as military head of state. Gowon immediately repealed Ironsi's decree, reverting Nigeria back to a federal structure.
He also released Awo from prison in a goodwill gesture to the Yorubas who welcomed the former AG leader back as a hero.

While Awo had always had strong Yoruba opposition to his person during the 1950s from various sections of Yorubaland, his time in prison 1963-66 turned him
Read 37 tweets
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Patrice K. Connors
@PKurnath
UP NEXT: 4-seed BHARAL versus 12-seed ROCK-WALLABY #2019MMM
During round 1, the rock-wallaby upset the serval with one wicked kick #CrouchingMacropodHiddenWallaby #YouGotSERValED #2019MMM
And to recap, this 10lb/4.5kg/21stoat sized marsupial edemic to northeastern Queensland in good ol' Oz bie.ala.org.au/species/urn:ls… photo by @MichalKrause #StoatsAsMeasurement #2019MMM
Read 19 tweets
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Nick Wallis
@nickwallis
Morning all - we are in court 26 of the High Court Rolls Building approaching the 10.30am start time of Day 3 of the Horizon trial, part of the Bates v @PostOffice group litigation. For everything that happened on Day 1 and 2, go here: postofficetrial.com/2019/03/horizo…
#postofficetrial
Follow this thread for live tweets throughout the day. Or mute me until 4.30pm!

Write up of yesterday’s proceedings: postofficetrial.com/2019/03/horizo…
My presence in court has been crowdfunded. If you can chip in the cost of a coffee or a pint there’s a tip jar on postofficetrial.com

If you have paypal you can go direct - paypal.me/nickjwallis

Contributors who donate £20 or more will be added to the secret email list!
Read 135 tweets
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homunculus
@homunculus_mefi
Morning earworm: "Sehnsucht" by Einstürzende Neubauten. I woke up out of a surreal, violent dream with this song in my head. Good morning!
Waking earworms: I woke up out of a dream again to one song ending and another beginning, both by Einstürzende Neubauten. The first, which was the end of the song, was "Fiat Lux" from their 1989 album Haus der Lüge. Here it is + 2 other songs from the LP:
I hadn't listened to that song in probably over a decade until I came across it in a tweet the other day which planted the seed in my brain:
Read 20 tweets

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