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Look Who's Complaining About Cbn's New Cash Rule - Politics - Nairaland

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Look Who's Complaining About Cbn's New Cash Rule by koruji(m): 2:19am On May 18, 2011


•Say Nigeria not ripe for it

Written by Kolawole Daniel, Abuja Wednesday, 18 May 2011

THE House of Representatives, on Tuesday, moved against the Central Bank of Nigeria’s (CBN’s) new policy statement pegging deposit and withdrawal of money by bank customers at N150,000 per transaction for individual and N1 million for corporate body in a day.

To this end, the House directed the Federal Government to ask the CBN to suspend the policy, because Nigeria is not ready for such a policy, noting that if the policy will stand, necessary enlightenment programme should be embarked upon by the CBN.

The House’s objection to the CBN policy was sequel to a motion moved by Honourable Jumoke Thomas-Okoya condemning the apex bank’s move, saying Nigeria’s economy is not ripe for such a policy.

Honourable Okoya had said while moving her motion that, “if this implementation is successful, small-scale businesses will automatically collapse, agro-allied businesses will remain stagnant, thereby making the banking sector to completely suffer patronage.

“I urge the executive to stop this policy or alternatively, raise the bar to a reasonable sum. Cattle sellers should be put into consideration, pretty traders, butchers market women, among others.

“When people refuse to patronise banks crime will be on the increase and some of us will suffer,” she said.
http://tribune.com.ng/index.php/front-page-news/22119-reps-move-against-cbns-withdrawal-policy-say-nigeria-not-ripe-for-it
Re: Look Who's Complaining About Cbn's New Cash Rule by Beaf: 3:08am On May 18, 2011
NASS members will always feels threatened by moves to stop people carting huge ghana must go bags about town. I pray the new session won't be populated with the same old scumbags and moral fleabags.
Re: Look Who's Complaining About Cbn's New Cash Rule by gists: 4:02am On May 18, 2011
I tend to agree with the honorable. The N150K/N1m is just too small for our level of enlightenment about cashless transactions and especially with wave of ATM fraud we saw a few months ago (which is still ongoing in some places). Its difficult to see the women in balogun market and my Igbo brothers in several markets across the country abiding. They'd rather keep their money at home/shops which is just a recipe for disaster. I still think their should be a limit though maybe N500k for individuals and N2m for corporate bodies.
Re: Look Who's Complaining About Cbn's New Cash Rule by 9javoice1(m): 4:33am On May 18, 2011
SLS always in a rush. the idea is good but the season is wrong,the amount per day witdrawal is destructivly wrong. do u know that 150k is less than a thousand dollar. who told him that all of us are pepe soup sellers. he will not only multoply crime but crush nigeria business. do this man ever have advisors or that he is arogant not to listen.
Re: Look Who's Complaining About Cbn's New Cash Rule by johnie: 8:28am On May 18, 2011
I may not agree with some SLS's policies but I think this one is a step in the right direction if carefully implemented.

The long -term advantages (reduction of cash possession with attendant reduction in risk to life, risk of theft and ghana must go, deepening of banking system through increased use of cheques and other such instruments, etc) outweigh the short term disadvantages being trumpeted.

This policy is supposed to take off in June next year and only is some cities (Lagos, Abuja, Aba and I think PH).

Are we saying that one year (in the first instance, the take off date could be extended where necessary) is too short to put necessary structures in place?

If we don't start taking "little" steps like this, we would never move forward.
Re: Look Who's Complaining About Cbn's New Cash Rule by Seun(m): 7:52pm On May 18, 2011
To hell with the ill-advised, hasty, repressive, ineffective, and generally dumb policy!!
The enemy (Sanusi/CBN) of my enemy (corrupt politicians) is not necessarily my friend.
Re: Look Who's Complaining About Cbn's New Cash Rule by Sunofgod(m): 8:10pm On May 18, 2011
Hope Sanusi has taken into consideration what may happen to the economy if there is a run on the banks and people rush to withdraw all their money.

Its quite possible the Banks will collapse followed by the economy.

He better go back to his 'Masters' and rethink this one.

As for the Senate, they only worry about themselves and not the average Nigerian.
Re: Look Who's Complaining About Cbn's New Cash Rule by Nobody: 8:11pm On May 18, 2011
This country is heading nowhere with folks like sanusi in administrative positions
Re: Look Who's Complaining About Cbn's New Cash Rule by misterh(m): 10:04pm On May 18, 2011
I think the NASS are worried about themselves. Sanusi should consider businesses that will be affected by the pegged amount- 1 million is way too small for corporate companies to live on daily.
Re: Look Who's Complaining About Cbn's New Cash Rule by ektbear: 10:09pm On May 18, 2011
Just not a good policy. Will have the opposite effect, I think
Re: Look Who's Complaining About Cbn's New Cash Rule by Akanbiedu(m): 10:09am On May 19, 2011
Change is not easy anyways.

But I think 1 year is enough time to implement this policy is few cities.
Re: Look Who's Complaining About Cbn's New Cash Rule by Akanbiedu(m): 10:16am On May 19, 2011
Seun:

To hell with the ill-advised, hasty, repressive, ineffective, and generally dumb policy!!
The enemy (Sanusi/CBN) of my enemy (corrupt politicians) is not necessarily my friend.

Could you please provide reasons why this policy is bad? I'd like to be educated.
Re: Look Who's Complaining About Cbn's New Cash Rule by Akainzo(m): 10:19am On May 19, 2011
Hmmm, policies are supposed to take off for a federating unit throughout the federation at the same time, otherwise that policy would be threatened.

Like for this policy, using the same account, you would say if I am in PH, then I can only get 150K but should I drive one hour away to Owerri, then I can collect 5M from the same account. What this promotes is the tendency for both the customers and the banks to start looking for avenues to by-pass the limitations of the policy. And that would nly lead to more confusion and distrust in the banking sector.
Re: Look Who's Complaining About Cbn's New Cash Rule by Akanbiedu(m): 1:43pm On May 19, 2011
^^^

good point there

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