ekt_bear:

So when you send your houseboy/girl to the market to buy food, that houseboy/housegirl is going to be the one buying the N1K electronically from the illiterate grounnut seller or tomato woman at the market?

Or maybe you suggest that the tomato woman invest in a point of sale before she can open up her business? 

I dey laff o

The total value of what your local groundnut seller has for sale is probably not worth N5,000 for the tomato seller probably not up to N10,000- so that's how your point goes into the thrash bin. Try harder!

RoadStar:

Let them not stop by giving him standing ovation, let them (international finance experts) respond by buying Nigerian stocks especially that of Nigerian Banks.
I'm sure i'm not asking for too much as they had been heavily invested in Nigerian stocks not too long ago.
Why has Global equities mostly recovered and that of Nigeria(Dominated by banking Stocks) still massively depressed ?
Why do they give him standing ovation whenever he speaks and then offload Nigerian banking shares.

Some of u really think Nigerians are silly.
RUBBISH !!!

Use your God given brain my friend.
Nigeria bank stocks are generally over-valued with little or No assets to write home about evidenced by the Madam Oceanic bank using the banks money to buy assets in her own name then loaning them back to the back.

Have you actually ever thought if the current value is actually the right value of the stocks or your ignorance is not going to allow you do basic stock valuation
SMH

RoadStar:

Let them not stop by giving him standing ovation, let them (international finance experts) respond by buying Nigerian stocks especially that of Nigerian Banks.
I'm sure i'm not asking for too much as they had been heavily invested in Nigerian stocks not too long ago.
Why has Global equities mostly recovered and that of Nigeria(Dominated by banking Stocks) still massively depressed ?
Why do they give him standing ovation whenever he speaks and then offload Nigerian banking shares.

Some of u really think Nigerians are silly.
RUBBISH !!!

You are spot on. Oya oga moderator wetin you want say

^^^^
How do u determine the worth of a company?

I am tired of these poeple worship on NL

First we have GEJ bootlickers-Beaf and co

Then[b] Tinubu bootlickers- Eko-ile and co[/b]

Now we have Sanusi bootlickers-Jarus and co.

I initialy thought Sanusi won an award until i saw he just delivered a speech.

Now those who supported his Sharia policies on NL won't let us rest.

maclatunji:

The total value of what your local groundnut seller has for sale is probably not worth N5,000 for the tomato seller probably not up to N10,000- so that's how your point goes into the thrash bin. Try harder!

I never argued that the small salesman would go cashless; you are tilting at a windmill. I am only pointing out that for the moderate-sized shops (say N150k+ of business a day) going cashless, as you suggested was a solution to avoid these penalties, might not be very easy.

So, because a CBN governor spoke at an international finance conference means he is doing Nigeria proud?Why is he the CBN governor at the first instance ?Sanusi is an eloquent speaker no doubt.How Many jobs have been created since he took over as the CBN governor?Lets allow the basic economic indicators to weigh his achievements, not just speaking to an international audience.Any motherfucker who manages to finish school should be able to do that.

chamber2:

So, because a CBN governor spoke at an international finance conference means he is doing Nigeria proud?Why is he the CBN governor at the first instance ?Sanusi is an eloquent speaker no doubt.How Many jobs have been created since he took over as the CBN governor?Lets allow the basic economic indicators to weigh his achievements, not just speaking to an international audience.Any NaughtyPerson who manages to finish school should be able to do that.

It would help a lot if you could help us with the statistics.

It would help a lot if you could help us with the statistics.

The records are there for you to confirm.Just go to Google and type in whatever you want.

emmatok:

I initialy thought Sanusi won an award until i saw he just delivered a speech.

Now those who supported his Sharia policies on NL won't let us rest.

We should give him the very prestigious Nairaland award in speech-giving

ekt_bear:

What percentage deposit more than 150K daily? The withdrawal limit isn't my concern so much as the deposit limit.

I don't have official statistics but I think it is likely to be around 8% or much less . Remember we are talking ordinary individuals here (the operative word) and not those using their personal account as a business account.  It becomes immediately obvious that a beneficial streamlining spin-off to be gained here is that some traders will now have to automatically upgrade to business accounts instead of conducting trade with their personal account. I don't get where you are going with your concern about deposit limit. No one has said you cannot pay in cheques over the N150,000 limit. Have they also banned electronic transfer of over N150, 000 to your account or have they stopped others directly transferring funds from their account to yours instead of them going to the bank, withdrawing the cash, passing it on to you and then you have to go and pay it into your own bank?  

Where else in the world are there fees for depositing money in the bank?

We are not under any obligation to copy what obtains elsewhere fastidiously . We must do what is 'tailor-made' to work best for us given our peculiarity that sets us apart from others in respect to where we need to go . There is nothing wrong with the notion that a punitive 'admin fee' be applied if you wish to deposit over a certain amount in cash considering you have failed to avail yourself of the many other 'cashless' options of depositing money into your account that makes life more convenient for everyone.

The intangible we are dealing with here is the notion that whoever wants to pay you an amount that is over N150, 000 should preferably do so via other methods that reduce paperwork, time, cost and the use of cash. As far as I know , if over N150,000 is paid into your account , using methods other than cash, then there is no problem. What is the point in investing in technology if we will not insist our people use it in our quest to catch up with systems we constantly praise?

I don't think this analogy is necessarily the right one. In any case, the point is that while the goal might be laudable (cashless economy), his specific approach for doing it might not be wise.

It is a conceptual analogy. I.e the inference is that many policies that will bring change will automatically always be resisted by those "who are not ready". There will always be those who will clamour for gradualism and "the perfect time". Monetary fees and penalties can quickly make folks comply. The same way less folks drive through Central london, trying to avoid the congestion charge, is the same way many Nigerians , in avoiding fees, will learn to embrace other cashless methods of withdrawing and depositing money. You make it seem as if there are no choices or provisions that move bank customers away from a dependence on cash withdrawal and deposit when that is far from the truth. The under-utilization of the many other methods of withdrawing and depositing money , actually harming our drive for e-commerce and a cashless society, is the central consideration here even if that remains somewhat abstract.

I'm not sure that this analogy is correct or even relevant? What is the connection between redenomination and cash limits?

What is not correct? Are you doubting  that Ghana redenominated or that Soludo did not propose the same measure? Both are correct. Do your research. As per the connection , it is explained above. Policy drive will always be resisted by those who want a gradual approach without wanting to minimally inspect what it is they are being asked to do. Folks made noise about the redenomination of Ghana's currency. Those folks are happily using the new currency today. Same with Sanusi's initiative. Once under operation, the onus will fall on Nigerians to educate themselves so that they don't become irrelevant . You will then see that all we are witnessing now is just noise and intellectual laziness. If they say individuals should not pay in or withdraw over a certain amount in cash have they also blocked other cashless means of transaction that allow you to do the same thing? Enshrining an attitude of electronic transaction awareness must begin now if it to become a staple in our Nation to the point where we begin to derive the real benefits of e-commerce et al , locally and internationally, in the near future . Lag behind too much and run the risk of harmfully falling behind everyone .

We should give him the very prestigious Nairaland award in speech-giving

The thing tire me o.I just read through the link provided by Jarus.There is nothing extraordinary there.The CBN governor just narrated how he succeeded in killing the Nigerian economy to the international finance professionals and they were puzzled on how a CBN governor could do a thing like that One even made jest of him by asking him to be the fed reserve chairman.Of course the US govt cannot take such risk

I wonder why anybody should be surprised at Sanusi's eloquent speech.  We've always known that Nigeria is all about individual brilliance and collective stupidity.   The key advantage the developed countries have over us is that  they usually  act in the interests of their society as a whole, not that of a few greedy selfish individuals and vested interests.  Until we start doing the same thing we are doomed.   Even on Nairaland a majority of the comments in the politics section usually have a religious or tribal bias and if the enlightened and well educated ones among us, cannot rise above such stupid, narrow minded sentiments what hope do we have as a country?

Will an emotional speech and a standing ovation increase FDI or improve our economy?

But i have not seen where you are charged for depositing money

JP Morgan Chase Bank does charge a fee if you cross their cash limit.

Sanusi is one of the most intelligent Nigerians I have ever seen in my life.

I don't give a toss where he was educated. He is a very brilliant man.

Gbawe

A cousin in Nigeria saw a left hand drive vehicle on a UK website he liked. He called me. I called the AA (UK breakdown service) paid for an inspection of the vehicle via credit card. I then paid the car dealer via bank transfer. I used my credit card to pay a recovery company to tow vehicle from place of pick up to Tilbury port for onward shippment to Nigeria. Needless to say that I paid the shipper via transfer and documents (Bill of laden , cargo tracking number et al) were delivered to me at home !! Today my cousin is enjoying his car. Do you not wan't Nigeria ,ASAP, to move towards such models that enables Nigerians to enjoy cashless and relatively hassle-free transactions?

This shows that you have not shipped car from Tilbury before. Moreover the cost of all those things you gonna be twice the price of that car.

adconline:



But i have not seen where you are charged for depositing money

JP Morgan Chase Bank  does charge a fee if you cross their cash limit.

Tell him, he cannot figure-out the fact that there is a cost attached to handling huge sums of cash.

kulutempa:

I wonder why anybody should be surprised at Sanusi's eloquent speech.  We've always known that Nigeria is all about individual brilliance and collective stupidity.   The key advantage the developed countries have over us is that  they usually  act in the interests of their society as a whole, not that of a few greedy selfish individuals and vested interests.  Until we start doing the same thing we are doomed.   Even on Nairaland a majority of the comments in the politics section usually have a religious or tribal bias and if the enlightened and well educated ones among us, cannot rise above such silly, narrow minded sentiments what hope do we have as a country?

Thank you !!! What is behind all the talk of a "Northern agenda" if not the ignorance , driven by ethnic bias, that prevents folks from looking objectively at what Sanusi is doing?

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.

I have to agree totally with the bolded part above. Many Nigerians , in their diasporan bases , enjoy sophisticated banking services and e-commerce that makes life a breeze yet they are the most vociferous in speaking against the same happening ASAP in Nigeria.

yes dat cool 4 him.

ekt_bear:

And here is the direct quote:http://allafrica.com/stories/201107070913.html

If you have a transcript of what she said exactly, please post it. But it seems to me that while she likes the objective (cashless economy), she questions the specific implementation for bringing it about.

Again, it sounds much more like a note of caution than 'questioning the implementation'.
As Sanusi has said, deliberations will be carried out before pegging the withdrawal limits with finality.

Sanusi would remain controversial.
I think the simple test would be has our financial system improved since he took over.

Regarding the 150k limit, I would expect a more subtle approach.
How about letting banks charge higher fees for such withdrawals, and offer cheaper alternatives
like e-banking etc,

Overall, I think the issue of islamic banking is completely unnecessary.
Sanusi is not forcing anyone to patronise Islamic bank. Besides, I imagine its a tried and tested model in other parts.

Kudos to him for creating a lasting impression about Nigeria.
Those guys at the CFA conference are probably the largest investors anywhere in the world.
YOu'd be shocked to discover that those folks have no idea about what Nigeria is- besided e-fraud.
Most of them only know of South-Africa.

Creating and managing a favourable impression is a must for FDI flows,

Gbawe:

I don't have official statistics but I think it is likely to be around 8% or much less . Remember we are talking ordinary individuals here (the operative word) and not those using their personal account as a business account.  It becomes immediately obvious that a beneficial streamlining spin-off to be gained here is that some traders will now have to automatically upgrade to business accounts instead of conducting trade with their personal account. I don't get where you are going with your concern about deposit limit. No one has said you cannot pay in cheques over the N150,000 limit. Have they also banned electronic transfer of over N150, 000 to your account or have they stopped others directly transferring funds from their account to yours instead of them going to the bank, withdrawing the cash, passing it on to you and then you have to go and pay it into your own bank?

At bolded, my main objection is that anyone who has a business that involves selling lots of small items that are probably paid for in cash gets screwed by this policy.

We are not under any obligation to copy what obtains elsewhere fastidiously . We must do what is 'tailor-made' to work best for us given our peculiarity that sets us apart from others in respect to where we need to go .

Right. But nobody seems to have argued for why this particular policy is the best or amongst the best way to bring about the goal. Is it truly tailor-made, or just something he randomly came up with? Unclear.

There is nothing wrong with the notion that a punitive 'admin fee' be applied if you wish to deposit over a certain amount in cash considering you have failed to avail yourself of the many other 'cashless' options of depositing money into your account that makes life more convenient for everyone.

Why? What is the argument for this? Why in particular must EVERY BANK be forced to charge this admin fee? Let the banks decide themselves, imo. It isn't as if they are clamoring for this new change.

The intangible we are dealing with here is the notion that whoever wants to pay you an amount that is over N150, 000 should preferably do so via other methods that reduce paperwork, time, cost and the use of cash. As far as I know , if over N150,000 is paid into your account , using methods other than cash, then there is no problem. What is the point in investing in technology if we will not insist our people use it in our quest to catch up with systems we constantly praise?

Again, it is not the guy buying a car with cash that I am concerned about; that isn't going to be the issue. The issue is, what of the guy who sells basic commodity X but sells 150k+ or say even 2 million of that commodity every day?

It is a conceptual analogy. I.e the inference is that many policies that will bring change will automatically always be resisted by those "who are not ready". There will always be those who will clamour for gradualism and "the perfect time". Monetary fees and penalties can quickly make folks comply. The same way less folks drive through Central london, trying to avoid the congestion charge, is the same way many Nigerians , in avoiding fees, will learn to embrace other cashless methods of withdrawing and depositing money. You make it seem as if there are no choices or provisions that move bank customers away from a dependence on cash withdrawal and deposit when that is far from the truth. The under-utilization of the many other methods of withdrawing and depositing money , actually harming our drive for e-commerce and a cashless society, is the central consideration here even if that remains somewhat abstract.

I just don't think the analogy is a good one. There was no massive clamor against the amount of cash being used before by any public parties that I am aware of, for one. This is a high-handed, arbitrary government policy. While its goals are good, nobody asked for it, and the implementation is suspect.

What is not correct? Are you doubting  that Ghana redenominated or that Soludo did not propose the same measure? Both are correct. Do your research. As per the connection , it is explained above. Policy drive will always be resisted by those who want a gradual approach without wanting to minimally inspect what it is they are being asked to do. Folks made noise about the redenomination of Ghana's currency. Those folks are happily using the new currency today. Same with Sanusi's initiative. Once under operation, the onus will fall on Nigerians to educate themselves so that they don't become irrelevant . You will then see that all we are witnessing now is just noise and intellectual laziness.

Not every single case in which the government pushes for change X is it necessarily the case that people enjoy it afterwards, or does it turn out in hindsight to be a good one. Anyway, there is only superficial similarity between these three cases. . . government wanted to do X, and there was resistance.That is why I question your analogies being made here.

If they say individuals should not pay in or withdraw over a certain amount in cash have they also blocked other cashless means of transaction that allow you to do the same thing? Enshrining an attitude of electronic transaction awareness must begin now if it to become a staple in our Nation to the point where we begin to derive the real benefits of e-commerce et al , locally and internationally, in the near future . Lag behind too much and run the risk of harmfully falling behind everyone .

I'm not against e-commerce. I'm not against cashless economy. I'm against forcing people to do it against their will. I don't see how it is Sanusi's prerogative to tell private banks that nobody can deposit more than X per day.

adconline:



But i have not seen where you are charged for depositing money

JP Morgan Chase Bank  does charge a fee if you cross their cash limit.

That may be. But the federal reserve doesn't mandate from above what the limit is, or what must be charged. If JP Morgan does this and I don't like it, I can switch to BoA (which to my knowledge has no fees or penalties on any sort of cash deposits.)

olabukola:

Gbawe This shows that you have not shipped car from Tilbury before. Moreover the cost of all those things you gonna be twice the price of that car.

What you fail to understand is that this is not my purchase . It is my cousin who was buying the car. In so far as he was happy to pay all the cost that ensured I was not personally inconvenienced [/b]then I was happy to help him out.

You are guilty of how Nigerians myopically jump to conclusion without inspecting things carefully . Asides the AA Inspection fee (around £120.00 at the time) and recovery to Tilbury (around £95.00) there is nothing else paid for that could have been escaped . Purchase cost and shipping cost are of course necessary and [b]unavoidable for everyone .  The recovery guy I use does a lot of work for me , accepts credit cards, and is happy to take vehicles to Tilbury and wait around to pick up the booking-in documents for me.

It is only ITK (I too know) that will make you conclude that an extra £215 spent on a luxury car , purchase for £7 K amounts to " twice the price of that car". The guy still made substantial savings on what he would have paid for a similar vehicle in Nigeria plus he got a car immaculately used and maintained that is a far cry from the right-offs dumped in Nigeria. Based on such erroneous assumption you then conclude "This shows that you have not shipped car from Tilbury before" simply because you are keen to show you are smart or knowledgeable when it is obvious you don't see what you should.

He has peformed creditably well.Kudos to him

jay bee:

Use your God given brain my friend.
Nigeria bank stocks are generally over-valued with little or No assets to write home about evidenced by the Madam Oceanic bank using the banks money to buy assets in her own name then loaning them back to the back.

Have you actually ever thought if the current value is actually the right value of the stocks or your ignorance is not going to allow you do basic stock valuation
SMH

And ur stock valuation using ur God given brain told you that Facebook has assets worth $50 billion
Or that apple is now 3 times worth what it was 3 years ago.
Or that the asset value of the american economy fell 100 % in 6 months of the recession and has since doubled after then as reflceted by the S&P index.

Stocks a valuated mostly by the magic word CONFIDENCE in a company or economy!
Of which sanusi so far has had a negative effect .

May ur God given brain do wonders for u.

Stocks a valuated mostly by the magic word [b]CONFIDENCE [/b]in a company or economy!
Of which sanusi so far has had a negative effect .

GBAM

Sanusi, more grease to your elbow! At least we can see some positive people are still taking painstaking effort to move Nigeria forward despite the sea of sycophants surrounding them.
God PLEASE bless NIGERIA!

Use your God given brain my friend.
Nigeria bank stocks are generally over-valued with little or No assets to write home about evidenced by the Madam Oceanic bank using the banks money to buy assets in her own name then loaning them back to the back.

Have you actually ever thought if the current value is actually the right value of the stocks or your ignorance is not going to allow you do basic stock valuation
SMH

How can you say Nigerian Banks have little or No assets .

Form your information those assets do not determine then value of their stocks.

Stock value is determined by efficient management  and profitability.


Comparing First Bank to GTB.

First Bank has more assets

GTB has better Stock Value.

RoadStar:

And your stock valuation using your God given brain told you that Facebook has assets worth $50 billion
Or that apple is now 3 times worth what it was 3 years ago.
Or that the asset value of the american economy fell 100 % in 6 months of the recession and has since doubled after then as reflceted by the S&P index.

Stocks a valuated mostly by the magic word [b]CONFIDENCE [/b]in a company or economy!
Of which sanusi so far has had a negative effect .

May your God given brain do wonders for u.

So how does this come about?
Economy Indicators, EPS,P/E,ROA, ROIC et al

Negative effect by asking the second most important sector to come clean and state their respective true worth?

That may be. But the federal reserve doesn't mandate from above what the limit is, or what must be charged. If JP Morgan does this and I don't like it, I can switch to BoA (which to my knowledge has no fees or penalties on any sort of cash deposits.)

Agreed, but my utmost concern is that a platform for cashless economy has not been laid. What are you going to do with million of unbanked petty traders? My mom does not have a bank account, most likely will not have one . Bring the unbanked into mainstream banking and spread the cost of cashless banking to heavy hitters and account holders. It should be like having a passbook account account where you are charged no fees VS current account where you are charged some fees. It should not be mandatory.