CBN Imposes Limits, Penalty On Cash Transactions, Again! - Business (2) - Nairaland
Nairaland Forum / Nairaland / General / Business / CBN Imposes Limits, Penalty On Cash Transactions, Again! (25360 Views)
Poll: How do you feel about this?it's a dumb idea: 74% (218 votes)it's a smart idea: 25% (75 votes) This poll has ended |
Know The States That Controls 90% Cash Transactions in Nigeria-cbn / CBN Reintroduces N65 Charges On Cash Withdrawals On ‘other Banks’ Atms / Sanusi (CBN) Imposes Limits, Penalty On Cash Transactions (2) (3) (4)
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| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by AbuMaryam1(m): 1:12pm On Apr 29, 2011 |
Good motive in a bad country, i agree with someone who opined why not the CBN make ebanking lucrative? rather than punishing cash transaction, this SLS ma sef na one kind. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Bawss1(m): 1:55pm On Apr 29, 2011 |
The fickle nature of public opinion is about to be displayed again; some people will use this development (which they do not fully understand) as arsenal to attack the CBN Boss. And not too long ago they were singing his praises. Get to understand the reason for this and if you think it is flawed criticize constructively instead of attacking Sanusi. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Fhemmmy: 2:07pm On Apr 29, 2011 |
Animals in Agbada, do they ever think about all these nonsense before talking at all? So someone want to buy something out of Nigeria that worths 10,000$$, would he have to be sending 1000$$ per day, considering the fact that the useless banks will not sell you $$? And you think this is business friendly of a society? |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by somze(f): 2:11pm On Apr 29, 2011 |
Doesn't seem like this was well thought through. Cash flow in Nigeria is mainly from Market women and Igbo Traders. These guys need raw cash and no E-payment solution exists for them. For instance if I want to buy a stuff from the market I go there with cash not credit or debit or ATM cards. I can already see the number of unnecessary hassle this would cost me much less those guys. Another issue I see here is, this is to be implemented in a month  Absolutely ludicrous. Another bad move by CBN. If I were keeping a dossier for each of their ill advised decisions, I would have ran out of space by now. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by MaiSuya(m): 2:20pm On Apr 29, 2011 |
~Bluetooth: how many of them have access to N150,000/day? so there you have it. I believe that is why CBN, in its wisdom decided set the limit for daily withdrawal/deposit at that amount, which is far above what the average Nigerian sees in a month. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by bfire(m): 2:22pm On Apr 29, 2011 |
As anyone told this man that: -They don't use card/debit cards in Nigeria yet -The market place don't have POS (point of sales) machines -The gas station don't even accept ordinary vouchers -Without usage of debit cards, the plan is going to distort the economy and cause anomalies. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 2:37pm On Apr 29, 2011 |
bfire:He is a dunce, how can he know? |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by mbulela: 2:44pm On Apr 29, 2011 |
i hope we will be able to discuss this issue intelligently,bearing in mind that SLS is not as stupid as some persons potray him on this site. I am all for a cashless society and the moment you spend a few months outside and come back home, you feel fustrated carrying 10s' of thousands in your pocket just to have a few drinks and give your loved ones treats. the earlier mentioned issue of increasing POS terminals must be pursued vigourously and the terminal interfaces made open. you can count on your fingers how many outlets on VI accept cards and even some of those ones are always telling you that 'the machine is down'. Imagine what the case is on the mainland and in Ajegunle? secondly, the reliability of ATMs must be seriously investigated and addressed. a case where it takes 8 days to retrieve your money that a 3rd party ATM deducted after not dispensing cash and having this scenario happen repeatedly can and will not be acceptable when you are fining folks for withdrawing huge amounts of cash. thirdly,who wants to go to the bank repeatly when it takes over 45 minutes to withdraw in the banking hall?you would rather withdraw a lot and keep it at home. the queues in the bank are growing larger and larger and something must be done. 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? |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Fhemmmy: 2:49pm On Apr 29, 2011 |
I am so disappointed . . . . At least they need to make some reservation . . . . . |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by mbulela: 3:02pm On Apr 29, 2011 |
somze:in a haste to sound intelligent and discredit SLS you forgot to read the article properly. bfire: not very correct. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by MrInfo1(m): 3:10pm On Apr 29, 2011 |
how do i pay for my sch fees which is actually above the #150,000 limit |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by cinzo: 3:12pm On Apr 29, 2011 |
This is a pretty stupid idea! You cannot turn Nigeria into a cashless society overnight! What he has succeeded in doing is starving the banks of deposits cos people will now withhold money for transactional purposes. Why do we love fire brigade approaches  |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by naijaking1: 3:18pm On Apr 29, 2011 |
^^^ Well said  |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Kobojunkie: 3:24pm On Apr 29, 2011 |
From June 2012, individuals that make cash withdrawal or deposit above N150,000 would pay a fine of N100 per extra N1,000, while corporate organisations that make cash withdrawal or deposit above N1 million would pay fine of N200 per extra N1,000. WHAAAAAAAAAAATTTTTTTTTTTTT |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by cinzo: 3:40pm On Apr 29, 2011 |
Kobojunkie: Why are you shouting You wan wake GEJ! [b][/b] |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Fhemmmy: 3:44pm On Apr 29, 2011 |
cinzo: And now more goodies for the armed robbers to take when they visit homes . . . what a nation we have and the Leaders |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Odunnu: 4:14pm On Apr 29, 2011 |
Oh c'mon, we have 395days to spread the news and sensitise customers |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Bawss1(m): 4:29pm On Apr 29, 2011 |
Na wa o. Check out how the title of this read has been renamed on the home page. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Mkpotu(m): 4:33pm On Apr 29, 2011 |
sanusi will loose this time around, rubbish!!! |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by lionness(f): 4:33pm On Apr 29, 2011 |
It wont happen. This time it wont be Sanusi against the banking sector but against Nigerians. Coz this will lead to more people keeping large volume of cash at home, and we know this is totally insecure. I still dont see the benefits of the rubbish accounting updates he pushed for. Why cant GEJ just fire this man. The guy's reform arent meaningful, hes just an attention-seeker, and a complete idle soul who keeps battering an already tired economy by starving it off jobs and cash. Please we should petition GEJ to fire this guy jare! |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by spyder880(m): 4:35pm On Apr 29, 2011 |
Who will take home the penalty money, CBN or the banks? |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by tundysho(m): 4:50pm On Apr 29, 2011 |
Nigeria is a country where anything goes,the CBN can just wake up one day and say “as from now on, you cant use more that 100k daily out of your hard earned money',without legislation,this sanusi guy is going beyond his boundry |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 4:50pm On Apr 29, 2011 |
Chei , Nigeria banks with their tax in disguise, omo i keep it up with banking abroad jare, formy money again, i hope they dont include it in DOM accounts, na to come naija clear all my fixed depo be that |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by ufumes(m): 4:53pm On Apr 29, 2011 |
I wonder what they are trying to achieve with this policy. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by saddik(m): 4:56pm On Apr 29, 2011 |
I think it will be a good development, Only if proper infrastructure to support cashless transactions are put into place. i.e using GPRS network POS. Like most developed countries are operating, dont get me wrong, Nija is still developing, I believe SLS is just trying to invigorate e-payment/transaction into the retail system in Nija. But it will be impossible or unrealistic to implement such an order come 2012. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by texazzpete(m): 4:57pm On Apr 29, 2011 |
Odunnu: This is a terrible idea no amount of 'sensitization' will change it from being a terrible idea. They won't allow me walk into the bank to buy 2000 dollars yet they won't allow me withdraw enough money to buy it from hausa man. na wa! |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by macjive01: 5:02pm On Apr 29, 2011 |
THIS IS MADNESS how on earth does Sanusi expect a car dealer to sell this car? card ?, cheque? card- needs electricity and internet to function, these two we don't have adequately in the country. cheque- tell me who wud accept a cheque from a stranger? a total stranger? so a cement dealer who makes 400,000 in a day wud not have the means to savely deposit his money in a bank, right? i dont know why hausa's always think so miniature. apparently he thinks no one shd be making more than 150,000 a day. i bet some the banks wud run out of cash and go belle up soon since fewer deposits are now being made. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by kunlej2: 5:08pm On Apr 29, 2011 |
another madness in the banking sector. well, if this must stand, i will immidiately activate my domicillary account and save and withdraw in dollars since the abokis are readily available period |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by efisher(m): 5:08pm On Apr 29, 2011 |
The funny part is that the penalty also applies to deposits! I would like to hear the whole story from Sanusi himself because the equation is not balanced. No mention was made of the alternatives. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:09pm On Apr 29, 2011 |
But dem fit dey take large deposits and wont let you withdraw what you need. Bad idea for me. For instance i need my school fees now and its over 150k. so if the law is in action. how would the money be given to me Or na same amount person fit deposit? |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Seun(m): 5:09pm On Apr 29, 2011 |
I think the National Assembly should find a way to limit the power of the CBN. |
| Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by spyder880(m): 5:10pm On Apr 29, 2011 |
spyder880: Please, anyone? |
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