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Nairaland Forum / Nairaland / General / Politics / Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits (14213 Views)
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Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by sulad82i(m): 3:55pm On May 04, 2011 |
otukpo: Enforcemnt is up to the banks and CBN. If the banks support it, they will make it work and the CBN will have to audit the banks activities or employ private auditors to that. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 4:06pm On May 04, 2011 |
sulad82i: a) what situation is the CBN trying to curtail exactly? b) what exactly is the CBN trying to introduce exactly? Before you answer this please, for the umpteenth time, know that Electronic payment already exists and works in Nigeria. c) Make a decision on whether to let the market, FOR ONCE(After we let it decide on IN THAT COUNTRIES HISTORY, deal with things? d) Advice? Here is one . . let the markets make the decision on how people can or cannot spend their own hard-earned money and focus instead of protecting people from the failures of the market etc. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Nobody: 6:23pm On May 04, 2011 |
d CBN is sick, this is not the right way to tackle M2 if dats wat he wants to achieve, he wants to mop out excess liquidity from the market so as to stop inflation which is hard since government still spends most of the excess crude account. d level of technology accessibilty is questionable for now in an economy thats 90% based on cash. so if by using circular to make laws dat is illegal it wishes to force the populace to use e-payment which is not within the power of the CBN act to do then i think he is running out of ideas and needs to be removed ![]() ![]() |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by AjanleKoko: 6:29pm On May 04, 2011 |
Hmm. The intention is good, but rash and not realistic. Why not incentivise electronic transactions instead? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by DECOtech(m): 8:19pm On May 04, 2011 |
I see a multitude of termination letters flying about in banks in a not too far future. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by dming(m): 9:24am On May 05, 2011 |
I learnt all there examples I am giving you on my own thats why i was able to know that my APTECH faculties were just teaching us crap. If you have the money, first get a laptop (i'll recommend more than 80GB, minimum of 2GB RAM and processor 1.67GHz x 2). There are a lot of free books that you can read to build yourself up (i can give you links if you want) I need the links pls. thanks |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by efisher(m): 3:34pm On May 05, 2011 |
I need a clarification here. Is CBN saying that someone will be penalized if he receives over 150k in cash per day (for example, 20k from 10 different cash transactions ie (10 x 20,000 = 200,000)? Or is it 150k max per transaction? If so, we need to examine the CBN management for other symptoms of madness. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by suyaman: 1:14am On May 06, 2011 |
Does anyone know if this policy will impact domaciliary (dollar and pound) accounts? If not wouldn't it make sense to keep money in dollars for large transactions. How will this affect the local money changers? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 2:07am On May 06, 2011 |
If foreign banks can offer Nigerians banking services, I am certain we might see people moving their money offshore instead of dealing with these, IMO ridiculous, RESTRICTIONS on how they can access their hard earned funds. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by thoth: 2:08am On May 06, 2011 |
This is the sort of thing that keeps our leaders DIFFERENT from the likes of Qaddafi. [b]After having their economy in disarray due to their own mismanagement, it is not surprising that they IMF and World Bank will be persuading the Nigerian Central Bank to further devalue its currency so that those nations concerned even though they have totally mismanaged their own economy should still be enjoying the stronger purchasing power due to exchange rate advantage while the ordinary Nigerian man's labour continues to be bought for less than a penny. It has been agreed that further currency devaluation was one of the compromises that Goodluck Jonathan accepted on his visit to the white house on his quest for Power, Nevertheless the first incursion of such change came at a very bad timing , It is important that we understand that the IMF request to further devalue the economy was rejected not because it is unreasonable or that they were concerned for the destructive effects of such policy but that it would be a disadvantage for the incumbent government which hopes to retain power on the coming election, they know too well that implementing such policy will take the masses support away from them, so it becomes a question of the right time not the right purpose because for all we know the policy is already implemented, [/b] ARIS-EI Dept Report#430221 Date: Feb,03,2011. There are several options available to the administration to carry out the IMF request(currency devaluation) but we would look at the two main ways that is the norm in Africa, first, it can be blatantly dropped on the masses as usual considering the ordinary citizen has no say whatsoever in the running of the supposedly democratic nation and that 95% of the population are ignorant of the national economics altogether or a subtle and less conspicuous implementation may be chosen where the currency is being devalued gradually and the ignorant masses will simply accept it as a norm(see, EI Report#430104) and it will simply go as “ Our currency is falling” which is the usual way the masses see it in such cases. which ever method they wish to choose it would still have the same catastrophic outcome one more subtle than the other, ARIS-EI Dept Report#430283 Date:April,26,2011. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by suyamasta(m): 1:56pm On May 06, 2011 |
Diaaa paapa nyash!!! !!! Na when i d plan 2 make my billions wey i wan d widraw evryday nain dem go put embargo? Dia fada i hope say na joke dem d joke! |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by uthamaputi: 7:15pm On May 08, 2011 |
Thanks, |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by suyamasta(m): 9:00am On May 12, 2011 |
This is the most foolish policy everrr. This insultive policy is aimed at terrorising the bank customers and it infringes on the rights of account holders, it is too authocratic and undemocratic. To support e-services banks need to create products between themselves and the sellers of products and services, furthermore any extra cost to d banking public would be detrimental. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by enyojo(f): 9:18am On May 25, 2011 |
[b]We’ve not set limit on lodgment, withdrawal –CBN |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Seun(m): 9:59am On May 25, 2011 |
Stating that the CBN had not put a limit on the amount of money a customer can withdraw or lodge in a bank, Mallam Sanusi said what the policy said was that there would be a cost to the customer who lodges or withdraw more than the specified limit in a day.Straw man argument. Nobody was confused about whether or not it was a total ban. Nobody. Sanusi, disclosing that only eight per cent of bank customers withdraw more than N150,000 daily, said he could not understand the furore generated by the policy when such people made use of credit card, internet and telephone banking when they were abroad."Only 8%"? Are you kidding me? So it's ok to harm "just 8%" of Nigerians? That's 80,000 per million! |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by enyojo(f): 12:58pm On May 25, 2011 |
^^ With all due respect Mr Seun, I do not think not withdrawing more than N150k in a day will harm any Nigerian. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by denzel2009: 1:53pm On May 25, 2011 |
enyojo: What are you saying exactly? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by enyojo(f): 2:14pm On May 25, 2011 |
denzel2009: I think I might be among the 8% Since I withdraw above N500k sometimes. But I think if we are being frank, the CBN policy will not harm any person at all! A country that spends N200 Billion in printing and burning of Naira notes! Its too bad. |
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