penalties is good, especially in a country like ours

Ask Lastma!

goggs:

like all things new, there will be resistance and awhole bunch of excuses from the somewhat practicaly genuine to plain paranoia. And some poorly groomed people will resort to calling others names to get their points through (?) 

The advantages are so many that its not worth repeating to anybody who cares to use 10% of his brain to think it through.

For the feasibility, i think the  CBN has restricted it to Abuja, Lagos, Aba and a couple of places in the first instance. CBN can use that to test its workability and fine tune it in line with out limitation and peculiarities. Also it will enable the fast thinkers to quickly develop solutions to take advantage of the opportunities it presents.

Personally, I pay for my DSTV via my mobile phone even when I am in the interior of the country, I check my bank balance, transfer funds, and pay bills via intercontinental app on my phone, just paid online using GTB mastercard for a flight to London on Arik, I always book flights on line anyway. Recently nokia N8 where bought on line and on terminals. the list and possibilities are enormous.

i think we just have to key in to it and make it work. We are wowed by the advances made in other countries and we think that if they were as paranoid as us they would have succeeded? If the m-pesa payment system were started here am sure many here will shoot it down.

Dont get me wrong there are and will be challenges BUT THEY ARE SURMOUNTABLE. where is the NAIJA spirit? MTN ( a foreign company) told us per second billing was not feasible till kingdom come, it took a Nigerian company to prove them wrong.

I am certain that the opportunities presented by this policy will bring about the next crop of millionaire entrepreneurs in the next few years, also more money will be drawn into the banking system making CBN monetary policies more effective,making more money available for lending, forcing the interest rates (the economic holy grail and a very important ingredient to our economic growth), reducing cash transaction cost, reducing armed robberies (God how highway  armed robbery has reduced in the north east of the country as people no more carry cash around).

Exciting times are ahead!   

basically think of opportunities instead of dwelling on threats. i get that.

Kobojunkie:

You are still hundred years away from ordinary UK, na japan you want copy now?? ROFLAMO!!

exactly

Well South Africa, Egypt, Kenya, Uganda are not light years away from Nigeria,

do we wait until there are traffic lights on the streets of Lagos before we obey LASTMA?

As an economist, this is a wonderful idea . . . in the long run people will thank him! The average man on the street is just to impatient!

Dis Guy:

Well South Africa, Egypt, Kenya, Uganda are not light years away from Nigeria,

do we wait until there are traffic lights on the streets of Lagos before we obey LASTMA?

You are not here addressing a BASIC necessity but a convenience issue. Having a Cashless system has not been determined the best by a majority -- Just as you have the Japan example, you have other advanced countries that run both cash & electronic system side-by-side, with no plans of doing away with the one or the other anytime soon. You don't just copy blindly --- you've got to copy that which will benefit your unique situation, and change as your needs changes. We have a whole load of basic necessities to tackle and considering much of our economy(more than 50% of it according to the National Statistics Beareau) still remains underground, I don't see how switching over to a wholly electronic system in the next 5 years will work out.

Copying Japan at this time makes no sense because we barely have most structures in place to handle such transactions. Our banks are not as sophisticated and our security system not close to even that in set ups like South Africa to handle the different sort of crimes that come with exploring such new areas.

someone else mentioned japan

And 150,000 limit is not moving to a completely cashless economy, as i have been asking what percentage of bank account owner withdraw upto 150k a day

this directive together with others will move those underground biz/cash movement into the mainstream maybe not completely

Dis Guy:

someone else mentioned japan

And 150,000 limit is not moving to a completely cashless economy, as i have been asking what percentage of bank account owner withdraw upto 150k a day

this directive together with others will move those underground biz/cash movement into the mainstream maybe not completely

“Commencing from June 1, 2012, a daily cumulative limit of N150,000 and N1,000,000 on free cash withdrawals and lodgments by individual and corporate customers respectively with Deposit Money Banks (DMBs) shall be imposed. To this end, individuals and corporate organisations that make cash transactions above the limits will be charged a penal fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits.

“Contravention of this policy shall attract a fine of five (5) times the amount that the bank waives as a first offender. Subsequently, the bank shall pay ten (10) times the charges waived.

“Furthermore, 3rd party cheques above N150,000 shall not be eligible for encashment over the counter. Value for such cheques shall be received through the clearing house.

Considering the cost of goods in Nigeria, 150,000 limit on daily deposit/withdrawals(Note: This is not just on ATM Deposits/Withdrawals but on general bank transactions) is near trying to move the country to cashless economy. I don't know if you have ever worked in a store-- as clerk or sales manager. That amount is small for many average sized businesses to deposit/withdraw.

Worse, getting penalized for wanting to withdraw your own money does not make sense to me and many people who have their money in the bank. If I walked into a bank and got told I had to pay 1% in fees simply for withdrawing $750 dollars, I would pull all my money out of that bank and stuff it under my mattress instead. 

Here in the US, you can walk into a bank and withdraw as much as you need(no penalties) as long as it is your money. I could not tell you I understand why any country would want to penalize people for withdrawing their own money.

&&

Kobojunkie:



Considering the cost of goods in Nigeria, 150,000 limit on daily deposit/withdrawals(Note: This is not just on ATM Deposits/Withdrawals but on general bank transactions) is near trying to move the country to cashless economy. I don't know if you have ever worked in a store-- as clerk or sales manager. That amount is small for many average sized businesses to deposit/withdraw.

Worse, getting penalized for wanting to withdraw your own money does not make sense to me and many people who have their money in the bank. If I walked into a bank and got told I had to pay 1% in fees simply for withdrawing $750 dollars, I would pull all my money out of that bank and stuff it under my mattress instead. 

Here in the US, you can walk into a bank and withdraw as much as you need(no penalties) as long as it is your money. I could not tell you I understand why any country would want to penalize people for withdrawing their own money.

I noticed there are some stores already accepting or preparing to accept card payments in some areas in Lagos, Stores will already have corporate accounts or normal account where their banks will be able to advise them perhaps provide incentives for them to accept card payments, mobile money and other payment methods apart from cash payments; so irrespective of the cost of goods, stores will be able to accept card payment, customers will be able to make card payment, less cash movement, less hassle, faster, safer transactions- the need to deposit huge cash will almost be eradicated, stores with higher cash transactions will probably be able to discuss exemption or higher limits with their banks

Imagine a scenario where the spare part dealers accepts cards,mobile money, the Cement suppliers accept it, the auto mechanics accept it.  .  .   . wouldn't be long to get everyone on board especially if they are not paying a huge sum to get the machines

the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore,
maybe when we get to 50% compliance the rules can/will be relaxed/adjusted

Dis Guy:

I noticed there are some stores already accepting or preparing to accept card payments in some areas in Lagos, Stores will already have corporate accounts or normal account where their banks will be able to advise them perhaps provide incentives for them to accept card payments, mobile money and other payment methods apart from cash payments; so irrespective of the cost of goods, stores will be able to accept card payment, customers will be able to make card payment, less cash movement, less hassle, faster, safer transactions- the need to deposit huge cash will almost be eradicated, stores with higher cash transactions will probably be able to discuss exemption or higher limits with their banks

Corporate accounts are not for all businesses. Most businesses in Nigeria operate as sole proprietorships and not as corperate entities. Also, in a country where much of the economy remains underground, some stores does not equal most stores, unless you are trying to say that the traders in Tejuosho, Mile12, etc now use electronic payment.

Dis Guy:

the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore,
maybe when we get to 50% compliance the rules can/will be relaxed/adjusted

What do you mean "the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore"?? Are you suggesting this came about as a result of the move to increase electronic banking? Cause if that is what you are saying, I will say right now it didn't!! Good record keeping practices etc came centuries before electronic banking/transactions came in --- electronic only helped build upon what was already available. Also move to using automated systems comes with so many of it's own problems that we have not been doing such a good job with for a while now.

That aside, I still do not think the penalty on transactions makes sense.

Kobojunkie:

Corporate accounts are not for all businesses. Most businesses in Nigeria operate as sole proprietorships and not as corperate entities. Also, in a country where much of the economy remains underground, some stores does not equal most stores, unless you are trying to say that the traders in Tejuosho, Mile12, etc now use electronic payment.
What do you mean "the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore"?? Are you suggesting this came about as a result of the move to increase electronic banking? Cause if that is what you are saying, I will say right now it didn't!! Good record keeping practices etc came centuries before electronic banking/transactions came in --- electronic only helped build upon what was already available. Also move to using automated systems comes with so many of it's own problems that we have not been doing such a good job with for a while now.

That aside, I still do not think the penalty on transactions makes sense.

The bold sums up the feeble in this policy. While it is laudable to encourage electronic transactions, cash transactions are also needed because a lot of small businesses depends on it. The Onitsha trader who has to withdraw every market day to pay his suppliers, the northern tomatoes trader who transacts directly from her Waist Purse. They are part of the economy and we have to stop enacting policies to penalise them.

This only state again as fact that Sanusi is a radical - he may have good intentions but his measures are too strict. How can you penalise one for withdrawing his or her own money? his terrible choice of word "penalty" indeed

Kobojunkie:

Corporate accounts are not for all businesses. Most businesses in Nigeria operate as sole proprietorships and not as corperate entities. Also, in a country where much of the economy remains underground, some stores does not equal most stores, unless you are trying to say that the traders in Tejuosho, Mile12, etc now use electronic payment.
What do you mean "the case of the US is different, record keeping is higher, most transaction details can be traced, violent bank robbery probably not as high anymore"?? Are you suggesting this came about as a result of the move to increase electronic banking? Cause if that is what you are saying, I will say right now it didn't!! Good record keeping practices etc came centuries before electronic banking/transactions came in --- electronic only helped build upon what was already available. Also move to using automated systems comes with so many of it's own problems that we have not been doing such a good job with for a while now.

That aside, I still do not think the penalty on transactions makes sense.

i'm trying to say if some store are using it, if there's a push for it now when there's no penalties definitely more stores and businesses will start embracing alternative methods of payment, these things are not rocket science why do people really act like market women, spare part traders cant or wont use anything else but cash?? the vast majority of businesses can come into the mainstream one way or the other and there will still be resistance so


How did the US deal with the cost of moving cash around and all the implications that went with it?

yeswecan:

The bold sums up the feeble in this policy. While it is laudable to encourage electronic transactions, cash transactions are also needed because a lot of small businesses depends on it. The Onitsha trader who has to withdraw every market day to pay his suppliers, the northern tomatoes trader who transacts directly from her Waist Purse. They are part of the economy and we have to stop enacting policies to penalise them.

This only state again as fact that Sanusi is a radical - he may have good intentions but his measures are too strict. How can you penalise one for withdrawing his or her own money? his terrible choice of word "penalty" indeed

Cash transactions are not being phased out, there's nothing stopping the supplier from getting a bank account linked with his mobile phone, so the trader wont have to withdraw cash, a simple sms is enough to pay his supplier.

Dis Guy:

i'm trying to say if some store are using it, if there's a push for it now when there's no penalties definitely more stores and businesses will start embracing alternative methods of payment, these things are not rocket science why do people really act like market women, spare part traders cant or wont use anything else but cash?? the vast majority of businesses can come into the mainstream one way or the other and there will still be resistance so

But you are not yourself connecting with the many reasons why many of them are yet to embrace it so willingly. For one IT IS NOT FREE -- there are costs associated with "embracing" the new ways of transacting businesses that current stop many small businesses from even attempting the switch at this time. It is like what we had here in the US only in the late 1990s/early 2000's when people started adopting electronic payments more and more.
There were the fees associated with stores adopting the new way and costs that are passed on to consumers when they make purchases. At first many small retailers did not consider it worth the cost, but as costs went down over the years, more and more businesses moved to adopt it, especially for convinence reasons. But there are still areas of town you go to where the retailers inform you that you have a purchase minimum if you are planning to pay with your card. I remember during the recession, many gas stations were offering better deals to customers who paid in cash.

Small business owners, in of all places, Nigeria are definitely going to shy away from new technology, at least until they are more comfortable with the idea. FORCING them to adopt some technology they are not able to pay for, or do not understand is UNDEMOCRATIC. What about our freedom to pay with whatever tender we have available to us?

Dis Guy:

How did the US deal with the cost of moving cash around and all the implications that went with it?

The US still deals with the cost. We still move cash around, and have no plans of doing away with our cash. Every day new notes are printed and old ones destroyed. It costs money but it is not going away anytime soon. Not everyone has an ATM Card /Debit/Credit Card/Checking Account, and that right to have one, or not own one, is still respected. The right to choose to carry your money around with you in cash or in gold is still respected. The right to go get all your money from the bank without penality is still respected.

We saw people do just that during the recession and no one tried to penalize them for doing just that.

Dis Guy:

Cash transactions are not being phased out, there's nothing stopping the supplier from getting a bank account linked with his mobile phone, so the trader wont have to withdraw cash, a simple sms is enough to pay his supplier.

There are costs associated with these things you speak of. It is not for FREE.

@Kobojunkie

you are making some good points.But one thing with SLS and his gang is that they do not have listening ears.They don't understand the tenets of the democratic process and the use of force is seen as the only effective way to bring results. One year is definitely not enough to perform this magic.I know he is seeking re-appointment upon completion of his tenure and would do anything to be considered ''serious.''With what is happening in the north and the way SLS is handling the CBN i am beginning to see consider every northerner aggressive, whether educated or not.

The US still deals with the cost. We still move cash around, and have no plans of doing away with our cash. Every day new notes are printed and old ones destroyed. It costs money but it is not going away anytime soon. Not everyone has an ATM machine and that right to have one, or not own one is still respected. The right to choose to carry your money around with you in cash or in gold is still respected.

the cost implications cannot be compared to Nigeria, they have found something that works for them like many countries, Nigeria im sure pay more to print the naira that the us/uk pays to print their currency, the security aspect as well, the number of people killed during cash movements in Nigeria is high, will transiting to a less cash dependent economy helps -yes, the US and many countries ha obviously come a long way, so the number of people without ATM or alternative payment methods will probably be insignificant even with the right to still not have one

In due time the restrictions will be less rigid when vast amounts of money outside the banking system is reduce and transactions records can be recorded/traced

I'm sure the cost of providing alternative methods of payment to cash will be less than the cost and security implication of depositing/withdrawing 150k a day, these things are now cheap, in some instance banks or payment providers can take payment over a period of time instead of upront just to get more people to embrace the system

what if we wait till 2020 will people embrace it then? Chams and the likes have  operating for years because this thing have been in the pipeline for ages, if there's no stick i doubt anyone will bother, the deadline will probably be extended but if there's not deadline with penalty na so we go dey dey

Dis Guy:

the cost implications cannot be compared to Nigeria, they have found something that works for them like many countries, Nigeria im sure pay more to print the naira that the us/uk pays to print their currency, the security aspect as well, the number of people killed during cash movements in Nigeria is high, will transiting to a less cash dependent economy helps -yes, the US and many countries ha obviously come a long way, so the number of people without ATM or alternative payment methods will probably be insignificant even with the right to still not have one

Are you sure of the claims you are making above?  It is one thing to try to cut cost of printing and another to impose draconian laws on a people who are especially nowhere close to being ready for the sort of change you are wanting to impose on them.

Dis Guy:

In due time the restrictions will be less rigid when vast amounts of money outside the banking system is reduce and transactions records can be recorded/traced

What stops the very banks from recording transactions now? You asked earlier, and I told of how even back then transactions were recorded way before electronic payment methods were adopted the early 2000's in high percentages  in America.

Dis Guy:

I'm sure the cost of providing alternative methods of payment to cash will be less than the cost and security implication of depositing/withdrawing 150k a day, these things are now cheap, in some instance banks or payment providers can take payment over a period of time instead of upront just to get more people to embrace the system

You keep saying you are sure. Are you able to provide any real numbers to support these claims of yours?

I also have to add that another down to this policy is -- we do not seem capable and ready to handle the new wave of troubles that come with electronic payments. I mean other developed countries have agencies set up specifically to handle electronic/cyber crimes and we have none of that in place. But we are right now ready to force millions of businesses and individuals to using electronic for about half of their transactions without ensuring we are able to handle the potential problems to follow?

Dis Guy:

what if we wait till 2020 will people embrace it then? Chams and the likes have  operating for years because this thing have been in the pipeline for ages, if there's no stick i doubt anyone will bother, the deadline will probably be extended but if there's not deadline with penalty na so we go dey dey

Did we need to wait that long before people started adopting, on their own, use of ATM's and ATM cards? Did we need to wait that long before people started adopting cell phones in large numbers in the same Nigeria? Come on, there is no need to pretend people will not want to move forward. People know of the advantages to them, only there are so many obstacles right now to implementing that at various levels that it is is unwise, in my opinion, to break their legs to get them to do it now.

@Dis Guy

We are not against the policy, it's a good one but the deadline and penalty is obviously not acceptable. People should be allowed to choose whichever payment option they deemed convenient. I would rather suggest that incentives, such as price discounts etc be given to those who opt for the electronic system.This will tend to make it more attractive for the people and they will adopt it willingly.This will also give adequate time for the implementation/establishment of conditions that will make it function effectively.

Wait ooo, what about ppl that collect 700 000 naira per month, they cant just go to the bank and redraw their money ahhh this will encourage ppl to keep money at home, and we all knw wat that is, roberry, well at least robbery will give more jobs to the youth out there!!

Its obvious many of us do not understand this policy, we are using "dugbe market" analysis. No need commenting further on this, it would be a dialogue of he deaf.

Anyways you guys can vent away while the train moves on. Instead  of you "young intelligent Nigerians" on NLand to think of how to key into this you are busy making meaningless comments. "those saying something is impossible are interrupting those busy DOING the 'impossible'.  When chinese and south africans take over the market you will start grumbling about "foreigners taking all our money" I dey go jare.

This is one of the best economic decision ever made in Nigeria as it will go a long way in checkmating money laundry, conversion, diversion etc. Money transfer can easily be traced from accounts to accounts in cases of fraud enumerated above. Kudos to Mallam Sanusi and his team!

@ Mrjingles, many of us understand the benefits of the cashless system and are in support of it. I use e banking services a lot and I like it. What we are saying is that the approach is not right.

Secondly, The way the matter has been presented, the train will definitely not take off as expected. It will meet a strong brick wall just like the Devaluation idea. The policy has not even passed through the NASS fire yet. CBN is just flexing muscles for now. Wait till the politicians settle down from the election.

Sometimes i wonder if these leaders realize the dangers posed by hackers and other IT security concerns before making such policies. Recently Sony(ALMIGHTY JAPAN) Playstation Network was hacked and millions of credit card details stolen. I shiver when i imagine what would happen when some nerd breaks into the bank servers (Which are in fact NOT TOO SECURE). God help us with this one.

mrjingles:

Its obvious many of us do not understand this policy, we are using "dugbe market" analysis. No need commenting further on this, it would be a dialogue of he deaf.

Anyways you guys can vent away while the train moves on. Instead  of you "young intelligent Nigerians" on NLand to think of how to key into this you are busy making meaningless comments. "those saying something is impossible are interrupting those busy DOING the 'impossible'.  When chinese and south africans take over the market you will start grumbling about "foreigners taking all our money" I dey go jare.

Mr man stop talking like you are the most intelligent authority on the matter and every other person that does not agree with you is dumb.
Like I have said before, the policy is a nice idea but the implementation is going to be shitty. Many people have said it here already that even in developed countries where it has been seen to work, there are no such laws forcing people to do cashless transctions and putting ridiculous penalties instead of incentives.
Of course we need change but it must come as a gradual process else it will be resisted and fought against. What Sanusi and his gang are asking us to do is not even achievable in 4 years let alone one year. His policy plan is not even in sync with the power plan( a major consideration as the technology uses electricity). Our internet network here is so shitty that when you have many people on a network, the whole thing crumbles to a halt.
Then again you have to worry about how safe it is doing huge business transactions online, this technologies come with their own set of wahala. The technology is relatively new to nigerians and unscrupulous internet savvy fraudstars can capitalize on it and turn you financially bald in a split second of a button push, where will such victims get their money back, through the present legal frame? Please Mr! We dont even have laws that will cater for such loses or even protect people's money through insurance and all that.
They did not even start with sensitizing people through adverts, campaigns, incentives and special privileges for subscribers. That way people would ve been introduced to it gradually and make a gradual transition when they see the ease and benefits of the system.
Some of us talk of ATMs and I just laugh, more than %75 percent of those trasders/market women and men do not use ATMs, many stopped using it after they lost huge sums to it, my Dad was a victim too.
And for your information, since Sanusi came in, it has become very neccessary for a lot of up and moving serious business minded people to keep a large chunk of their money in the house for quick business transactions, coming up with such a drastic policy will only worsen the problem and the banks will suffer even further.
The way he is giving order on how people's money should be deposited and withdrawn, he will end up having money out of the banking system in a space of months when this kicks off. It will be a monumental disaster that will turn ordinary folks against him, this is money we are talking about here.
And dont fool yourself ebanking will not significantly cut financial crimes like money laundry, it will even make it easier and seamless as cyber crime agents they will tell you it is easier and safer way to launder money without the fanfare of going to the banks and expose yourself to the risk of being seen or recognized.
All that big talk of sophistory is not for your average Nigerian trader and market people who make up the bulk of account holders in banks. Rome was not built overnight!

Personally, I consider this to be ridiculous. Economists in the house might quote inflated financial jargons to support this move, but the simple truth is, in business any idea that restricts the customer and offers him less choice is a poor one. Nigerian banks, like most institutions in nigeria, while failing to meet up with some of its basic responsibilities, are forever seeking ways to avoid the very same. Whilst, the average customer is demanding for more options, the nigerian customer is deprived of the few available to him. Electronic banking my foot! In a country where power outage and "network is down" is commonplace, they come up with this.

Anyway, this really wouldn't matter to me if only it would apply to the politicians and our thieving leaders as it does to the common man. But we know it won't, don't we?

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I wonder why we as a people dey like to shoot before we aim. Listen, part of the statement reads "While the Central Bank of Nigeria will make general announcements and carry out public awareness programmes, individual banks are expected to do same. The affected customers of banks should be informed in good time by the banks with clear advice on alternative electronic payment channels available to them."

Abi, u think say dem no know wetin dem dey do? Ok, let me ask you a question? When was the last time any of us posters here in this topic withdrew or deposited N150k or more?

Anyway to the best of my understanding sha, learning is an ongoing process. If we no understand why them wan introduce this policy from "June 1, 2012" 4 Lagos, Abuja, Port Harcourt, Kano and Aba in the first instance, and then 4 other places later, make we try ask questions to get better informed. Abi dem no get office, website etc.?

Make we dey try try sometimes when we deyy post for public fora. The whole world dey read O! Naija I hail.

I wonder why we as a people dey like to shoot before we aim. Listen, part of the statement reads "While the Central Bank of Nigeria will make general announcements and carry out public awareness programmes, individual banks are expected to do same. The affected customers of banks should be informed in good time by the banks with clear advice on alternative electronic payment channels available to them."

Abi, u think say dem no know wetin dem dey do? Ok, let me ask you a question? When was the last time any of us posters here in this topic withdrew or deposited N150k or more?

Anyway to the best of my understanding sha, learning is an ongoing process. If we no understand why them wan introduce this policy from "June 1, 2012" 4 Lagos, Abuja, Port Harcourt, Kano and Aba in the first instance, and then 4 other places later, make we try ask questions to get better informed. Abi dem no get office, website etc.?

Make we dey try try sometimes when we deyy post for public fora. The whole world dey read O! Naija I hail.

you don't even seem to understand the issue. The issue of security, poor internet speed, power,law protecting customers against lost of funds etc are yet to be addressed. Did you know that the Nigerian economy is highly dependent on the activities in PH,LAG,Kano and Aba? Any mis-application of this policy in these areas in capable of crumbling our economy.

mrjingles:

Its obvious many of us do not understand this policy, we are using "dugbe market" analysis. No need commenting further on this, it would be a dialogue of he deaf.

Anyways you guys can vent away while the train moves on. Instead  of you "young intelligent Nigerians" on NLand to think of how to key into this you are busy making meaningless comments. "those saying something is impossible are interrupting those busy DOING the 'impossible'.  When chinese and south africans take over the market you will start grumbling about "foreigners taking all our money" I dey go jare.

Thank you. We should be blaming ourselves for not cultivating trust rather than shooting the man down. What are cheques, drafts and other financial instruments for. People have mobile phones and internet connectivity but still clog the roads because they have to be there live. I want to buy something from my friend, business partner and both of us have to clog the banking hall because I cannot look him straight in the eye. My yes is not yes and my no is not no. Some of the responses here are just a telling indictment of Nigerians and their attitude towards money. The basic foundation of business is trust and if we cannot trust the system or trust one another why shouldn't recurring poverty be the outcome. Remember that no society develops on its own. The very dear investment we need to grow our economy hinges on our disposition and if we cannot get basic things right the only attention we will get are from those who would seek to trespass. You MUST make your home attractive for the right visitors and if the world is gravitating towards bits and bytes rather than paper you must begin to think in that direction.

I remember the days of intercity travel when some transport companies that ruled the roads set their own very base standards of service delivery. Shoddy, unpleasant and outright vile. When ABC came up with a new set of rules war broke out and resistance was stiff. Today even ABC has to innovate to stay alive. I see a parallel before our very eyes. Personally I have started my own revolution. I have rejected cash payment demands even as late as yesterday holidays coming or not. The heavens will not fall. If that car dealer will not take a cheque find one who will. When he's hungry enough he will learn to cultivate trust.

@chamber2, thanks for your reply. Shebi na CBN wan address the issues wey u mention so? If every "government" official faces his or her job the way CBN officials have been facing their jobs in the past year, do you think these issues would have been issues? Remember, we have the legislative arm of government to make laws, the judicial arm to interpret and the executive to execute these laws. Me I feel say na fear all of them dey fear make the law no trap them, because many of them get skeletons for their cupboards. If they do their jobs, this country go be heaven on earth. That na wetin I feel sha. I may be wrong. Cheers.

This just puts a check for your across counter transactions (Credit or Debit), and forces you towards e-banking. Lets see how it goes. Trust Nigerians to find away around it
At N200/N1000, if I need about 100million, I would pay 20million for bank charges, I would rather go to a mopol barracks, get them with a bullion van. I am sure with 2million, the mopol commander will personally escort the money from states that are not yet implementing come next year - company transactions I mean

Nigerians, not so smart people hisssss, a lovely idea sanusi