Obiagu1:

If you do international business, then you should open a dollar account in Nigeria. If you want to transfer $30,000 to the US, simply go to your bank, do a wire-transfer or whatever means you've been using to send the money.
Do you take the $$ cash to the US before? Just asking . . .

miky:

lol yall dont know what your basing your opinions on. can yall say how this will ruin the economy, its an incentive to get rid of the cash trapped economy.  does it say you cant do an electronic transfer?  in the usa its very common for people to get rejected for trying to withdraw over 10000,  i tried going to buy a car once, i had to wait a week.

E cash:

While i commend the effort of CBN , I 'd rather prefer they encourage and reward cashless transactions instead of penalizing cash transactions, Humans are logical being who respond more to rewards then to penalties.

all these monstrous buildings serving as bank branches are crass.can't we have simple bank halls replicated around the corner to reduce everyone gathering at a spot to admire your fine interiors and waste half of our days?
do we really need these monstrous buildings that look like covens as bank branches?when the service inside is c rap?
is it not a waste of resources?

Mehiedu:

what is this man up to?

Rastamann:

What business does Sanusi have to tell me how to do my cash transactions? How can I go cashless and use ATM when bank workers and their collaborators capitalize on people's pin to defraud them when they use the ATM. Sanusi should first create the enabling environment by getting rid of bank workers defrauding innocent customers before this his cash limit can work.

Grassroot:

I believe his intentions are good but I think this is a very dumb idea to realize his intentions. If he wants to reduce liquid cash flow in the economy, then he has to promote development of electronic transactions and make Nigerians put faith in it over time. In that case, it would come naturally for people to move around with little cash knowing that their money is better secured and better managed electronically.

By the way, 150,000 is not very much (its just a little below 1000 USD or 750 Euros). Even in advanced countries with well developed electronic systems, this money is not too much to carry about. This is very silly because it is not really a large sum of money. There is no where in the world where such restrictions are imposed and I don't think our economy is mature enough to sustain such restrictions. This is only going to make more persons to be dubious as they would now try to beat the system. Banks might also break the rules secretly and this would cause a bigger circle of crime than he is trying to prevent. At times, I wonder if these so called "leaders" consider the effect of their policies before even letting them out. Its really very funny.

Grassroot:

I believe his intentions are good but I think this is a very dumb idea to realize his intentions. If he wants to reduce liquid cash flow in the economy, then he has to promote development of electronic transactions and make Nigerians put faith in it over time. In that case, it would come naturally for people to move around with little cash knowing that their money is better secured and better managed electronically.

By the way, 150,000 is not very much (its just a little below 1000 USD or 750 Euros). Even in advanced countries with well developed electronic systems, this money is not too much to carry about. This is very silly because it is not really a large sum of money. There is no where in the world where such restrictions are imposed and I don't think our economy is mature enough to sustain such restrictions. This is only going to make more persons to be dubious as they would now try to beat the system. Banks might also break the rules secretly and this would cause a bigger circle of crime than he is trying to prevent. At times, I wonder if these so called "leaders" consider the effect of their policies before even letting them out. Its really very funny.

omanzo02:


Dudes,

Its a good policy in my oppinion, Here in Europe, there is a particular amount of money u can withdraw from your ATM account and physical cash withdraw per day ( is it not our personal money?). And since February 2011 u can not make payment outside the EU anymore with your bankcard (Maestro), it's a way to improve cash flow in a internal economy. So learn how to live with it and stop complaining.

okooyinbo:

Where in Europe are people [b]fined when they withdraw or deposit a stipulated amount of money?[/b] In my 20 yrs or there about in Germany, I have never heard of such a policy in this country. And mind you, I did my internment in a bank.

It is true that you can not deposit more than EUR 10,000 without saying where you get the money from. However, this has gotten nothing to do with encouraging cashless transaction, but rather is a tool to couner money laundry and lately international terrorism.

And the reason you can not cash more than a certain amount of money at an ATM is really simple. You sould know that!

bfire:

Europe, America, Asia even some Africa countries are NOT on the same level with Nigeria when it comes to infrastructures; WE DONT HAVE the BASIC INFRASTRUCTURES.

CBN and other commercial banks are part of Nigeria, within 9ja and operational in Nigeria environment.

Who says it's not idea? Whenever i'm in Nigeria i'm not comfortable at all carrying cash about. We can't do this in a YEAR time!

Think about the internet how many people in Lagos (just to use this as example) have access to it?

What about the almighty LIGHT/POWER?

I would like to agree with you on this, I think if CBN were serious about this. They should have just put a limit , end of story and not fines. Politicians and criminals would pay any fines so far they get their way

These two can't be divorce from the usage/attainment of this lofty idea; an it remains a lofty IDEA.