Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
Reactions have continued to trail CBN’s Naira redesign and cash withdrawal policy and the latest is coming from the World Bank.
The World Bank is warning that the time and the short transition period to the redesigned narrow notes will have a negative impact on economic activities and in particular rather the poorest households.
There are also reports from the Senate asking the CBN to delay the implementation of this policy till June next year.
CEO Asset Cowry Management Ltd, Johnson Chukwu says concerns by world bank are genuine but not as high as it is being presented.
According to him, small income earners do not have as much liquidity, which raises the risk that tiny and micro enterprises may find it difficult to continue doing business when the economy is demonetised by changing the colors and limiting the amount of cash that can be withdrawn.
Towards the end of the month of January, people will no longer want to take the old note because they may not have banking relationship with losing the old notes.
Mr Chukwu stated that there are still a large number of Nigerians who rely more on cash transaction than the online alternative especially in the rural areas.
He noted that, based on earlier World Bank experiences, when we did not have this tremendous amount of digitization, the level of financial technology and financial expertise was not there. Today, we’re dealing with a component that may alter the impact on folks without bank market links.
He stated that previous World Bank experiences had shown that a quick de-monetic economy could have a negative impact on micro smile businesses. But, with the level of financial technology available today, the level of this direction available today, the level of technological service available today, and even the level of financial inclusion, I do not believe that those impacts will be as severe in Nigeria as they were previously, or as they were in other jurisdictions where demonetisation occurred.
Speaking about the dependability of contemporary technology, he asserted that no system is fault-proof; rather, what we should attempt to do is minimize these instances of failed transactions so that, when they do occur, they are swiftly rectified.
“Once we have a mechanism for quick resolution of failed transactions, I don’t think anybody will have major issues. If you are assured that within the next 30 minutes or the next an hour that the transaction will be reversed, you will be comfortable.
“What we need to do at this point that given that this regulation happened on us, we also need to push the regulators to ensure that fair answers are immediately and expeditiously resolved.
Mr Chukwu who noted that Nigerians are really going to be a lot of pressure now added that the federal government should as much as possible avoid regulations that would put additional pressure on Nigerians.
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