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11 Communities Sue Cbn Over Daily Withdrawal Limit - Business (2) - Nairaland

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Cbn Limits Overseas Atm Cash Withdrawal Limit To Ngn60,000 / Does N150k Withdrawal Limit Affect Domiciliary Account Holders? / N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi (2) (3) (4)

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Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by efisher(m): 7:40pm On Jun 13, 2011
aribisala0:

ultimately bank notes like VHS is a technology that will become obsolete. these things happen naturally. who buys vinyl records these days?  grin grin grin

my uncle JOE

My brother, in the same vein,

[list]
[li]How many people use Nitel lines today? How much penalty was imposed to FORCE people to move over to MTN and GLO?[/li]
[li]How many people still use Black and White TV today? How much penalty was imposed to FORCE people to move over to flat screen and plasma TVs?[/li]
[/list]

People will naturally move to better options when they are provided. The man should do his job and stop being lazy.

Imagine an average size retail business that make sales of over N1,000,000 per day. The policy will make them pay "tax" on their working capital! Is that not madness? How on earth can these businesses force consumers to pay N50 or N1000 with cards? Even if the options are there, several small purchases will still amount to figures over N1,000,000 per day.What about the man that is building a house and paying laborers. How is he expected to pay the carpenter and bricklayer with a card? The most annoying aspect is that the penalty also applies to DEPOSITS!!! Damn, that is the height of madness. It means it has almost become a "crime" to make more than N150,000 in one day.  angry angry angry
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by enyojo(f): 8:12pm On Jun 13, 2011
aribisala0:

ultimately bank notes like VHS is a technology that will become obsolete. these things happen[b] naturally.[/b] who buys vinyl records these days?  grin grin grin
my uncle JOE

Do you know that the so-called 'natural' obsolescence of VHS technology would have been a nightmare or mirage if the Govt had not allowed those new technology by lifting the borders. So your fallacy of NATURAL change takes eternity without conscious deliberate Governmental policies backed with concrete laws.

Sanusi is on track here!
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by Akinolore(m): 8:44pm On Jun 13, 2011
Guys dont u think sanusi is crazy, he never regulate paying in, but witdraw na problem. O rie buru
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by enyojo(f): 8:48pm On Jun 13, 2011
^^U can deposit N1Billion in a day provided u satisfy the EFCC verifying policy.
BUT IT MUST BE DIGITALLY TRANSACTED. kiss kiss kiss
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by efisher(m): 8:49pm On Jun 13, 2011
Deposits equally attract the same penalty!
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by opalu: 9:01pm On Jun 13, 2011
efisher:

Deposits equally attract the same penalty!

Are you sure you aren't getting this policy totally wrong?
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by efisher(m): 9:02pm On Jun 13, 2011
^ Check it out yourself. I am not making it up.

Start from here:

The limits

“Commencing from June 1, 2012, a daily cumulative limit of N150,000 and N1,000,000 on free cash withdrawals and lodgments by individual and corporate customers respectively with Deposit Money Banks (DMBs) shall be imposed. To this end, individuals and corporate organisations that make cash transactions above the limits will be charged a penal fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits.

https://www.nairaland.com/nigeria/topic-656549.0.html
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by enyojo(f): 9:19pm On Jun 13, 2011
opalu:

Are you sure you aren't getting this policy totally wrong?

efisher:

^ Check it out yourself. I am not making it up.
Start from here:
https://www.nairaland.com/nigeria/topic-656549.0.html

The real issue is that when you limit Withdrawal and u allow deposit a fields day, the aim is defeated. If you know it is more costly to deposit or withdraw beyond the N150k mark, you will prefer your payments are not made in cash. Everyone will be encouraged to go digital in transactions. Advice doesnt work like device!!
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by Nymphnode(m): 1:11pm On Jun 14, 2011
At the end of it all he (sanusi) will agree to double it. 300 for an individual, maybe 3 mill for corporate
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by Akainzo(m): 3:48pm On Jun 14, 2011
enyojo:

The real issue is that when you limit Withdrawal and u allow deposit a fields day, the aim is defeated. If you know it is more costly to deposit or withdraw beyond the N150k mark, you will prefer your payments are not made in cash. Everyone will be encouraged to go digital in transactions. Advice doesnt work like device!!

You got it all wrong. CBN is NOT ADVISING, CBN is imposing a fine of 10% on the transaction! If CBN wants to promote a cashless society, let is start by enforcing its own laws on dud cheques. That way it would give the cattle seller the confidence that he can collect a cheque anytime and he is protected. but wherein the police can only advise the seller to be patient, therefore CBN has no right to impose a sanction.

Ok, so I won a TV shop, selling plasma, LCD and LED TVs. By this useless directive, any sales above 3 units per day would attract a fine. or am I suppose to now turn back a potential customer all because he has cash to pay?
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by Akainzo(m): 3:50pm On Jun 14, 2011
enyojo:

Do you know that the so-called 'natural' obsolescence of VHS technology would have been a nightmare or mirage if the God had not outlawed those new technology by lifting the borders. So you fallacy of NATURAL change takes eternity without conscious deliberate Governmental policies backed with concrete laws.

Sanusi is on track here!

What in essence are you getting on here about? God outlawed new technology by lifting borders?  shocked shocked shocked  Was it Gaza border or US-Mexico border, abi na Nigeria-Bakassi-Cameroon border? grin
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by aribisala0(m): 3:52pm On Jun 14, 2011
have you not heard of verbigeration
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by enyojo(f): 3:56pm On Jun 14, 2011
Govt, not God.
Typo. The mistakes have been corrected
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by nirma1230: 7:09am On Jun 15, 2011
thank you opalu for such a great information, i am really appreciated your words which you used, thanks
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by sadedo: 6:46am On Oct 24, 2011
Hello Nigerians,
As wonderful as this policy is, its emergency and implication on the platform of the country is at the wrong time, if we dont have consistant power supply and good education in this country such policy will face a terrible blow from the general public. This is a soft introduction of a full e-banking in a soceity where is no constant power supply and good education. People will rather prefer to keep their money at home, and this again will increase the parade of armed robbers in the soceity. Let's put all power and education structures in a firm order, before we start copying the white man policy of cashless society. GEJ and Sanusi Lamido should have a rethink ooooo
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by DisGuy: 10:52pm On Oct 24, 2011
sadedo:

Hello Nigerians,
As wonderful as this policy is, its emergency and implication on the platform of the country is at the wrong time, if we dont have consistant power supply and good education in this country such policy will face a terrible blow from the general public. This is a soft introduction of a full e-banking in a soceity where is no constant power supply and good education. People will rather prefer to keep their money at home, and this again will increase the parade of armed robbers in the soceity. Let's put all power and education structures in a firm order, before we start copying the white man policy of cashless society. GEJ and Sanusi Lamido should have a rethink ooooo

I've seen many mama Basiras using the latest hand set and smart phones, so sticking your card into an atm or Pos doesn't require a university degree

there will be some set backs but if you dont try it you can rectify it going forward

learn to use a mobile phone for payment, or card VS risk keeping your money at home- many people will choose the right option over and over again, Nigerians love life grin
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by aribisala0(m): 11:36pm On Oct 24, 2011
how many atms are in nigeria. let us not deceive ourselves
Re: 11 Communities Sue Cbn Over Daily Withdrawal Limit by DisGuy: 12:16am On Oct 25, 2011
it's being[i] tried[/i] in about 6 states



what happened to these communities anyway, did their lawyer run out of funds or he got a better client

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