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CBN Imposes Limits, Penalty On Cash Transactions, Again! - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Imposes Limits, Penalty On Cash Transactions, Again! (25365 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 Nobody: 5:11pm On Apr 29, 2011
macjive01:

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.

I bet this will  not work too, how about all those mallams changing money,  like i come to change 10, 000 dollars, i have to do that in ten days?, this this CBN aboki self, and with the full internet coverages in nigeria,  i bet the nigeria yahoo boys will turn nigerians as the magas this time around, hack into your computer and wipe your account , lol
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Ayoobscom(m): 5:11pm On Apr 29, 2011
lookout the window

money laundrers are crying
banks shareholders are rolling on the floor



To sound economist -Sanusi is an erudite manager-a lucid controller and a recognized financial regulator but in this very authority Nigerian economy is not electronized enough to cope or welcome this curtail-rather we should encourage abstract debitable and creditable  transactions to filter and deflate paper circulation,

am sure this decision is highly tentative and subjected to further amelioration

well don Sanusi
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by enyojo(f): 5:11pm On Apr 29, 2011
[size=20pt]MODERATORS!![/size]
The Voting options on this thread is not appropriate if you ask me.
Why refer to one as 'Dumbass'
That language is so foul.
I closed my eyes to click that since i cant go with the other or refuse to vote for any.

Replace it with something with: 'agree', 'disagree', 'indifferent'
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by efisher(m): 5:11pm On Apr 29, 2011
They also have to review inter-bank transfer policies and charges for it to make some sense.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by spyder880(m): 5:14pm On Apr 29, 2011
macjive01:

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.

For the car dealer, oh, trade by barter, give me a Benz S class 2010 and I will give you ten cartons of beer, lol.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by NaijaEcash(m): 5:14pm On Apr 29, 2011
Turning Nigeria into a cashless Nigeria sounds like a good idea. But the proposed policy will do more damage than good. Believe it or not, a lot of Nigerian entrepreneurs prefer cash transactions to e-transaction because they feel it is safer (not counting the risk of armed robbery).
The government has failed to put in place what will encourage people to transact business without moving around with physical cash.
Who will agree to sell a foodstuff or building material to a total stranger who offers to pay with cheque, when it is common knowledge that the justice system is still in its infancy stage in Nigeria.
As I write this, I have a dud-cheque for a huge amount of money in my drawer. It was issued by a corporate organization and every attempt to make them pay what they owe my organization has proved abortive.
Cash still seems to be the safest way to doing business in Nigeria. Until the government provide a means for people to get speedy justice for commercial cases, small business owners won't go for cashless transaction.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by lovejo(m): 5:14pm On Apr 29, 2011
let him provide solution to deposit, i may be satisfy by making transfer instead of withdrawing cash, but i don't get how to deposit cash i have to bank.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:14pm On Apr 29, 2011
enyojo:

[size=20pt]MODERATORS!![/size]
The Voting options on this thread is not appropriate if you ask me.
Why refer to one as 'Dumbass'
That language is so foul.
I closed my eyes to click that since i cant go with the other or refuse to vote for any.

Replace it with something with: 'agree', 'disagree', 'indifferent'

Abeg that is good, i will continue to click on what a dumbass, abeg mod leave it like that
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:15pm On Apr 29, 2011
enyojo:

[size=20pt]MODERATORS!![/size]
The Voting options on this thread is not appropriate if you ask me.
Why refer to one as 'Dumbass'
That language is so foul.
I closed my eyes to click that since i cant go with the other or refuse to vote for any.

Replace it with something with: 'agree', 'disagree', 'indifferent'


Abeg,
Isn't it FREEDOM OF SPEECH?
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by kobikwelu(m): 5:16pm On Apr 29, 2011
on paper , a well thought out idea,
but in reality a disaster waiting to happen,
unless

the cbn puts the neccesary infrastructures in place

and as some! rightly pointed out, there should be incentives for cashless transactions, not the other way round,
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Hanoobaba(m): 5:16pm On Apr 29, 2011
Wtf, N 150000 is less than $1000. What's the point? Okay I want to throw a party and i'll need three cows. That's N 360000. I'll have to pay N 21000. That's trash. How about other stuff like cars, rent, contracts. This idea is foolish.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by lovejo(m): 5:19pm On Apr 29, 2011
let the government provide wifi at everywhere, i can't risk login to my account at any other place except from my system, secondly there must be electricity for at least business hours non-interrupted.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by hercules07: 5:21pm On Apr 29, 2011
I try as much as possible to limit my transactions to the cashless one, I pay for children school fees via cheques, I do transfers from accounts to accounts, paying for anything above 150K should be by other means, the guys that will be most affected will always find solutions to their problems, this directive will force the service providers to upgrade their network for better service knowing fully well that there is a killing to be made here, I believe it is a good idea.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by EzeUche3(m): 5:23pm On Apr 29, 2011
This is FOOLISH! angry angry angry
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by JaaizTech: 5:25pm On Apr 29, 2011
macjive01:

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.
This is what they say about the education system in Nigeria. Rather than read carefully and look for alternative sources of the story to fully grasp the intents of the CBN, people like you have jumped on it because your mind has been hard-coded to hate Hausa and anything that comes from them.

I bet you didn't even think before jumping to your obnoxious response. The decision was not taken by Sanusi alone, and the policy would only be taking effect as from june 2012, and for me it means we have a CBN that is thinking, they have given a year for us and the system to adjust to the new upcoming change in the way we do transactions.And do note that the limitations do apply to cash withdrawal / lodgement only and not electronic. You can do a bank transfer and use cheque.

In case your banks are still living in the past or may be you are still living in the past, you can talk to your bank on the available alternatives to transfer money electronically. With GT Bank you can just fill a fund xfer form or do it online and with intercontinental you can do it in the confines of your home with just your phone to any bank account. As for the cement seller, they have just got to step up, if you are dealing with such volume of cash daily then you have to step up to better ways of doing things, that is what is called GROWTH and DEVELOPMENT
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:27pm On Apr 29, 2011
THIS IS A BAD IDEA!!!!!!!
Mr. OVER-REGULATOR
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:27pm On Apr 29, 2011
i laugh i wn tire, Democrazy at its best but wait ooo, is it with atm or i cant go to the bank to collect 1million, This is a true democrate they have been talking bout jare, What is this man business wit my money
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:29pm On Apr 29, 2011
1 sec,  does this mean you are not allowed to make more than 1milli a day in cash? this is the most ridiculous man ever.  Deposits and withdrawals should be unlimited for businesses. If you want people to pay taxes, create the infrastructure for such not punish people for you incompetence angry angry angry angry  These fools are guessing up rules.  Within a year of this rule, robbery will go sky high cause then many people will be keeping cash at home.  Instead improve banking machines equipments so businesses can accept bank cards easily. This is a lazy way to handle banking in a country like Nigeria. many businesses make sales of 5milli a day,  capital included,  What these block heads will be doing is taxing capitals and not profit angry angry angry angry angry,  Welcome to clueless heights.


World bank shouldn't be advising Nigeria right now cause they were the same organizations  advising falling economies. They are advising rising economies with the aim of helping falling economies (USA, UK, Portugal, Greece etc, ),  That is cheating.  where the hell were they when only fewer than 9 economies were doing well globally?  Now the underdogs are coming up at steadily fast rate, they are trying to police world economies,  angry angry angry angry angry angry angry angry
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by JaaizTech: 5:30pm On Apr 29, 2011
hercules07:

I try as much as possible to limit my transactions to the cashless one, I pay for children school fees via cheques, I do transfers from accounts to accounts, paying for anything above 150K should be by other means, the guys that will be most affected will always find solutions to their problems, this directive will force the service providers to upgrade their network for better service knowing fully well that there is a killing to be made here, I believe it is a good idea.
Fantastic idea. In fact I am beginning to think of how one can quickly key into this opportunity. My son's school wouldn't even accept cash. I can't even remember paying anyone cash of recent, it has all been through electronic cash transfer.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by daguru(m): 5:35pm On Apr 29, 2011
Every Coin has TWO SIDES.

This policy has created a lot of problems waiting for entrepreneurs to solve. Time for Nigerians to think outside the box and come up with innovative solutions to all the problems this policy would create.

WHAT SIDE DO YOU WANT TO BE ON. YOU CAN DO ANY OF THE 3 OPTIONS

1) Lament, call names, and hurl insults at the CGN
2) Position yourself to make a killing and lots of cash from solving the problems created by this policy change
3) Sit down, fold arms and do nothing

This is a clarion call to every entrepreneur in the land. Opportunity knocks but once
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by JaaizTech: 5:39pm On Apr 29, 2011
kobikwelu:

on paper , a well thought out idea,
but in reality a disaster waiting to happen,
unless

the cbn puts the neccesary infrastructures in place

and as some! rightly pointed out, there should be incentives for cashless transactions, not the other way round,
Look, we have got one year to make this work; why are we so pessimistic I thought we wanted to move along with the developed world.Without strict regulations people wouldn't accept change. I am sure banks and smart guys in the corporate world are already thinking of how to provide portable payment solutions to wide variety of customers. This can surely work and I believe it will work and it will also curb looting.

All that incentives stuff, is nothing but taking peter's money to pay paul. If incentives are given to cashless transactions who bears the cost of those incentives Perhaps the guy doing a cash transaction.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Seun(m): 5:41pm On Apr 29, 2011
daguru:

Every Coin has TWO SIDES.

This policy has created a lot of problems waiting for entrepreneurs to solve. Time for Nigerians to think outside the box and come up with innovative solutions to all the problems this policy would create.

WHAT SIDE DO YOU WANT TO BE ON. YOU CAN DO ANY OF THE 3 OPTIONS

1) Lament, call names, and hurl insults at the CGN
2) Position yourself to make a killing and lots of cash from solving the problems created by this policy change
3) Sit down, fold arms and do nothing

This is a clarion call to every entrepreneur in the land. Opportunity knocks but once

I would rather spend my time solving real problems than solving fake problems caused by foolish policies.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Lolabbey: 5:43pm On Apr 29, 2011
sanusi jorrrrr ooooo, lol.whc one b my own sef,hw much i get 4 accnt, lmao
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by all01: 5:44pm On Apr 29, 2011
This is a very good idea, but it will fail because of the approach, manner and the cutoff date that SLS want to implement it.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by sewa36447(m): 5:45pm On Apr 29, 2011
That man have to be probe by EFCC or be removed. What positive effect will that policy bring to Nigeria economy?
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Fhemmmy: 5:45pm On Apr 29, 2011
I think it is time for me to go and open an account in Ghana to transact my business . . . . tongue
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Obiagu1(m): 5:47pm On Apr 29, 2011
Do we have the necessary infrastructures for a cashless society? If we do, then I think it's a good idea to force Nigerians (with these kind of measures) to move away from cash. Nigerians sometimes need to coerced before they do something.

The only problem is that N150,000 may be too small.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by jenuel: 5:48pm On Apr 29, 2011
A good policy indeed but why after a general election. He should have done this before the elections to reduce the amount of cash used in rigging all over the nation.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Koolking(m): 5:49pm On Apr 29, 2011
WHY DO WE LIKE PUTTING THE CART BEFORE THE HORSE. THIS IS A DUMB IDEA AT THIS PRESENT TIME. LET US ADDRESS THE ISSUE OF INFRASTRUCTURES FIRST BEFORE PUTTING ALL THESE POLICIES IN PLACE. IN AS MUCH AS WE ARE TRYING TO COMPETE WITH OTHER CASHLESS SOCIETIES, IT SHOULD BE ACKNOWLEDGED THAT THESE SOCIETIES ARE INFRASTRUCTURALLY LEVERAGED.  

INTERNET PENETRATION IN NIGERIA IS STILL A MIRAGE DUE TO MUCH LIP-SERVICE, PERSONAL INTEREST APPROACH OF STAKEHOLDERS AND GOVERNMENT. CBN/BANK CONSULTANTS CANNOT ALWAYS TAKE US FOR A WILD RIDE FOR THEIR ON POCKET.

ATM FRAUDS AND DEFICIENCIES ARE YET TO BE ADDRESSED. HERE WE GO AGAIN, PLEASE,THE COUNTRY IS NOT RIPE FOR THIS. LEVERAGE ON INFRASTRUCTURE FIRST.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Cmeo(m): 5:50pm On Apr 29, 2011
I want people to see this as a good development for our banking industry. The project will be implement in 2012. However, before this time, I am sure the CBN would have made a proper arrangement for payment of bills with your debit card. With this, you wont need to go around with cash but through e-payment (i.e. you can pay and recieve for cement, petrol, shopping, etc by swapping your debit card on a small machine). This will reduce the incidence of robbery, too much cash transaction but increase e-payment channels fraud. It can be sustained if well planned. Sanusi, this is a welcome development, You have my total support provided it is well sustained.

Believe me this is kind of development (via planning) that we need in Nigeria not the fire brigade development which cannot sustained overtime.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Obiagu1(m): 5:52pm On Apr 29, 2011
Hanoobaba:

Wtf, N 150000 is less than $1000. What's the point? Okay I want to throw a party and i'll need three cows. That's N 360000. I'll have to pay N 21000. That's trash. How about other stuff like cars, rent, contracts. This idea is foolish.

You use your credit cards, cheques, and online transactions.
Re: CBN Imposes Limits, Penalty On Cash Transactions, Again! by Nobody: 5:54pm On Apr 29, 2011
Obiagu1:

You use your credit cards, cheques, and online transactions.
does it look like, sum1 u sell cow to, can receive, cheques,online wateva,? fucck no, they deal with money!

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