Avalani:

Personally, I consider this to be ridiculous. Economists in the house might quote inflated financial jargons to support this move, but the simple truth is, in business any idea that restricts the customer and offers him less choice is a poor one.

mrjingles:

Its obvious many of us do not understand this policy, we are using "dugbe market" analysis. No need commenting further on this, it would be a dialogue of he deaf.

Anyways you guys can vent away while the train moves on. Instead  of you "young intelligent Nigerians" on NLand to think of how to key into this you are busy making meaningless comments. "those saying something is impossible are interrupting those busy DOING the 'impossible'.  When chinese and south africans take over the market you will start grumbling about "foreigners taking all our money" I dey go jare.

megawave:

This guy called sanusi is MAD. the same made banks to withdraw all ATM machines that are not within banking premises and if you must use ATM u must get to the bank, so why do we have the machines in the first place cos its purpose has been defeated. Even if you withdraw N100k at the counter they will charge you N200. all what those embattled banks are after is just ripping off free cash from the public.

WHAT Given security issues in Nigeria, good move but it does reduce customers' access to their money. Thank God say before corn dey, na something chicken dey chop o!

Sagewood:

This is a complete Idiotic move. I am losing my respect for Sanusi. A case of leaping before thinking and putting the cart before the horse.
Simple and common sense would dictate that CBN set up necessary systems in place before even attempting this draconian and dictatorial imposition. IT IS DOOMED! Besides, there is no where on earth that this sort of banking practice is in place. A step in the wrong direction. What will happen to millions of rural dwellers and small business people across the country? How about many illiterate traders? A court challenge will be mounted to stop this madness.

80% still lives on less than $2 a day right?[/quote

stop quoting this adulterated statistics please.Who told you that those in the rural areas do not trade in millions of naira per day?Visit Afogbe in Mbaise in Imo state and see where people roll out millions everyday. Majority trade in building materials, oil products, fertilizers etc. In fact, my mum sells stock fish and rolls out hundreds of thousands per day. This is applicable to most people in the rural area.

Our space satellite technology got to be up and running.Most households must have access to uninterrupted power supply with good broadband internet connection, Then we can start talking about policies like this, dudes actually more foooolish than i thot,

If you use Nigeria's current "epileptic internet service" while trying to  make a payment, it will "BREAK MID-WAY AND YOU WILL END-UP PAYING MORE THAN ONCE! Who will help you get your money back in Nigeria? Is it Sanusi or GEJ? What if your Phone runs out of battery juice, mid-way? Abegii, now?

Dauchman:

I think some people have gotten the wrong idea. The CBN is not saying you cannot take out more than 150k from your account at any given time, the thing is you cannot take it out as cash or you get fined, so you have to use some form of e-payment to do this.

I think the right questions now would be to ask the CBN how they intend to make e-payments work properly before enforcing this, considering that power and the infrastructure needed to have a good payment system is not in place. For example our internet services is still light years behind. And of course the banks cannot improve this on their own. There has to be very good and fast payment systems on ground for this to work. So that people can sit in their homes, on their banks internet banking page they can make transfers to anyone in the country and outside the country, without having to go to the bank.

They have to consider all the necessary things needed before adopting this new measure in 2012 or it would cause chaos instead of helping the system.

P.S a cashless society is very ideal, it would save a lot of problems if we get it right. It would also help reduce corruption as we would have evidence of every transaction carried out.

lastpage:

As Naija peeps, we like to "posse", "swagger" and "blow big/heavy grammar" INSTEAD of addressing the core-issues!

Let me quote someone else: @dremoney
Let me ask: Since we can have "free VIDEO CALLS" via most social-network applications like SKYPE, MESSENGER, GOOGLE-TALK, and about ten other different ones, WHY HAVE MOST NIGERIANS NOT MIGRATED TO USING SUCH "FREE" VIDEO-CALL APPLICATIONS BUT RATHER STILL PAY FOR VOICE-CALLS, AT EXORBITANT PRICE?

A honest, soul-searching ANSWER to the above questions will point us to the right direction, in implementing whatever policies SANUSI wants to implement!
Now, let me answer the question above: Its because of the same reasons quoted above: POOR OR UNAVAILABLE INFRASTRUCTURES to make it work properly!

I tried using Skype/Fring for my video calls but the "Bandwidth" at the Naija end is soo low, they could hardly make a connection!
It breaks off every ten seconds and tells me it cannot carry video!
When l revert back to "voice-only", it works for a minute and then "automatically disconnects!
Meanwhile, "Abroad", l use my Broadband connection to STREAM my Home-Surveillance System, to my Mobile Phone, from work! Thats how easy it is.

Yet, in the same "Abroad", I still occasionally have reason to pay "cash" for purchases made in the store, l even paid cash for a 42" LED TV!
it was a matter of "choice", as l have Credit cards for two of my checking Accounts! No one penalized me! ITS MY MONEY!

If l wanted to withdraw/Save 10Grand, l only need to EXPLAIN the SOURCE of my money (very reasonable) and l still make my transactions! NO FINE!! The bank actually give me "incentives" to make purchases using my card, for example, l dont pay "online banking charges" in the month, if l can make at least ten purchases, using the card! Does that not make sense, Than "imposing a fine"?

Thus, the issue we should be addressing (Which Sanusi should have made his priority) are:

1.)How can we ensure uninterrupted Power Supply?: I've heard some talk about batteries but please, why cant we aspire to be intelligent people and do things properly? They dont use battery to power their business in advance economies, BATTERIES ARE USED AS BACKUP, SHOULD THE MAIN, ONLINE POWER SUPPLY SYSTEM GETS SHUT-DOWN FOR A FEW MINUTES (e.g if there is a problem, like an accident or terrorist attack!)
But Nigerians want to turn it to our "MAIN SYSTEM" in Nigeria?
Let us tackle power first, then we can think of "cashless" next, in that order!

2.) How can we ensure EVERY HOUSEHOLD HAS ACCESS TO INTERNET?: There is about as much you can do from a "mobile phone" due to its "limited screen-size and keypad". I-Pad, Tablets and Touch-Screens are coming up but still way-too expensive for every Tom, Di-ck and Harry in Naija, for now.
In advanced countries, as you build a house, the cables for LANDLINE TELEPHONES are laid immediately. This is the bedrock of BROADBAND INTERNET ACCESS! GSM/Wireless internet has LIMITED BANDWIDTH, even in advance countries and that is why they are called "Mobile Access" (for use on the-go and in emergencies).
For a "landline-based" Broadband Internet, it is way cheaper and for just 20GBP or $30 or 25Euros, you can install some 5MB (Upload) / 50MB (download) Broadband access which will allow you do wonderful things on the Web and take advantage of all the E-Commerce in the world.
In Nigeria, that "useless thing they call BROADBAND internet" is at best, a very good DIAL-UP SERVICE! And it costs so much! Anyone who has used "REAL BROADBAND" abroad will attest to this.
If you use Nigeria's current "epileptic internet service" while trying to make a payment, it will "BREAK MID-WAY AND YOU WILL END-UP PAYING MORE THAN ONCE! Who will help you get your money back in Nigeria? Is it Sanusi or GEJ? What if your Phone runs out of battery juice, mid-way? Abegii, now?

The "INCENTIVE" to go "cashless" is in the "[color=#000099]cheapness, smartness, ease, safety and security of the system; NOT SOME FUNKY-MALLAM who graduated in [b]Islamic Studies from Sudan university, IMPOSING FINES ON YOU FOR WITHDRAWING OF SAVING YOUR MONEY! And you still reserve the right not to take advantage of it![/color][/b]
How do we expect a "Sharia-Graduate" to properly "drive technology" properly? The innate lapses will always come-up at crucial times like this.

Thus, what are we going to do, to ensure "MOST" houses have access to a decent Broadband Internet Access? What is the government and Sanusi himself going to do about this, FIRST' before IMPOSING "CASHLESS" ON US?

Or are we just a Nation that punishes its people, even when they are not given or have an OPTION?
Lets put FIRST THINGS FIRST, before we start copying GOOD THINGS from Abroad.
Am not saying going cashless is not good, it is very desirable.
Those talking about it as "providing business opportunities" for jobs like "Merchants" should have asked themselves: How come we dont have CCTV Monitoring for our streets and important locations, as obtained in the U.S? How come all our street lights dont work 24/7 as obtainable Abroad? How come EVERY HOUSEHOLD still has to sleep under the NOISE AND FUMES of Mechanical GENERATORS, in the 21st century? How come we are still short of fuel (better under GEJ) and Kerosine, even when we are a major producer of Crude oil and we are not under any sanctions like Iran (who apparently produces enough fuel/Kerosine and exports the excess?)

Finally, any sensible NATION with good leaders WILL ORDER ITS PRIORITIES of a "Scale of Preference" (as we were taught in O-LEVEL Economics) and "solve them" from the highest, to the lowest!
Which is more important to Nigeria NOW: being "Cashless" or having the tools (Power and Internet Broadband) to become Cashless in future?

Cant we for once, LEARN TO CRAWL BEFORE TRYING TO RUN? Are we a jinxed nation? What manner of "Leaders" are ruling this country sef?

Nuff said.

I agree with almost all your comments and observations but i think in a way you have digressed form the main issue and misdirected your grieviances at the wrong person.Do not forget that Sanusi has a job to do and if he's proposing this at this point in time,it is left for who ever has appointed him to put all the other pressing issues in the scale of preference as u said.What has Sanusi got to do with providing us with good light,internet services,etc.He's doing as much as he can in the banking sector and i think other people that are appointed to provide Nigerians with these other amenities should be doing their jobs too and be responsible at that too.
I totally feel u in terms of doing more other things that directly impact our daily lives rather than priortising a cashless society at this point. As u said we need to learn how to crawl before walking rather than trying to run. We actually seem like a jinxed nation(God forbid) at times.
GEJ for the next 4yrs, can he provide us with all of these?