pash4naija:

Well, we're hoping for a change. Except we've all agreed that that change is not forthcoming anytime soon, then maybe you're right. But personally, if that is what will be good for the country then why not? Its probably going to curb corruption anyway, i.e. if G.E.J and his cabinet are true to themselves.

Hmm. I believe that to do his work, he will have had to make sure that these things are in place and effectively running. Truth is that people do online banking, etc, etc and they are not caught up in the scams that happen everyday. Even the so called uneducated people you are talking about use ATMs even if they do not do all the rest. I'm wondering why the average Nigerian will need to withdraw that amount everyday anyway. Education definitely is key too. People will be educated on how to do these things. And aside all these, I believe that there will always be allowances for others. Let him try it first then we'll see.

On a final note, i'm not clamouring for it. Whether or not he does it will not put crayfish in my soup. I just wanted to bring another dimension to this as everybody's post i've seen so far is against it. With that, i rest my case on this topic. Shikena

faithin9ja:

I am still no wiser with the hatred of this proposed policy, which I understand is starting with Lagos as a pilot. Please somebody help me answer the following simple questions;
1. anyone who has over N150k a day turnover, ie between N500k and N1million a week, do they not use banks now? That is the point exactly. They already use the banks and so they will be the ones to suffer if Sanusi rushes this his policy
2. fulani cow herders who sell N80k cows, Aba traders, etc farmers do they not use banks with all the hundreds of thousands they currently use?Some do and some don't. If Sanusi rushes his policy without proper education and infrastructure in place, those who currently do will soon join those who don't
3. don't banks already charge COT for all transactions most especially cash transactions - are these COT charges going to be increased because of Lamido?My dear, there's a huge difference between COT and Sanusi's crazy penalties. Generally, COT is charged on Current Accounts. Sanusi's crazy penalties will affect both Savings and Current Accounts. Also the penalties are crazy when compared to COT. For C.O.T., you are paying something like 5 naira for every 1,000 naira you withdraw. For Sanusi's penalties, you are paying 100 naira for every 1,000 naira above 150k. So let's say you withdraw 5 million, COT will be 25k but Sanusi's penalty will be 485k. Can you see the difference?
4. with our big cash economy is there no fraud currently? paid with fake currency, bundles of N100 wrapped in N1000 bills, removing a few notes from each bundle, etc
5. does the policy not allow for businesses to have a much higher daily cash withdrawal limit? N1million a day I think? (What is 1 million a day? Go to Alaba market and see how much traders make in a day)
6. does this policy put pressure on banks to improve the over the counter immediate transfer, ie I should be able to go into Access bank and ask a cashier to transfer money from my account to my customer account at Union Banks. the technology is already there an can be further developed.
7. Nigerian banks already have technology that so-called more developed countries do not use, for instance the use of text alert is not widespread in UK or Europe but is well developed in Nigeria (I don't know about US or other countries - but I am not aware of it being used in US either) (What is sms alert when we do not have legislation in place that makes banks responsible for frauds on customers accounts? If you lose money either thru atm or internet banking fraud owing to the bank's lax systems, you will get nothing in Nigeria. There is crazy atm fraud currently. Imagine the high rate of e-banking fraud when Sanusi's forced policy comes on stream without the necessary legislation?)a few answers please, no need for insults, just well thought out answers

Abuloma80:

@Seanet1000

The cooling system of the upper chambers of this man is malfunctioning or overheating. He thinks he is God or what. The guy must be stopped from all this partisanship.

You have not said anything, rather venting the usual SOUTHERN SENTIMENT. Wither you like him or not, he dey there kampe

basadenet:

Sanusi was appointed for a purpose, so he must act accord to their script The guy behaves as if he has all answers to Nigeria's problems, he should be removed without delay before he cause religious wahala in the country.

aikuda:

Sanusi maybe right, though. I don't think the courts have the power to reverse this policy so long as it is not causing undue hardship. I also don't think is bad idea. I just think the amount maybe too small for many businesses and the time frame maybe too short. As some said, we need education of the people on this issue.