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Nairaland Forum / Nairaland / General / Business / N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi (5313 Views)
Gtbank Reduces ATM Withdrawal Limit / Cbn Limits Overseas Atm Cash Withdrawal Limit To Ngn60,000 / Does N150k Withdrawal Limit Affect Domiciliary Account Holders? (2) (3) (4)
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by lastpage: 2:34am On Jul 13, 2011 |
I tire for all these "Sanusi-apologist"O! Cant they just get it? We are not saying "cashless" is bad! Thats not what we are saying, olodo! We are saying, LET THE INFRASTRUCTURES BE IN PLACE FIRST! (Must l put it in capitals?) *Stable Power (as least, 70% stable) *Good and affordable Internet backbone and bandwidth at local user level *ATM not just at bank branches but everywhere, including villages! (Modern and safe ATM please!) *Proper sensitization of the citizens, especially the uneducated and remotely located artisans and traders! Are these steps too difficult for a "Masters Degree" Holder like Sanusi, to understand? (It does not matter even if it is from Sudan (lol)) Even an illiterate knows the dangers inherent in "Putting the Cart, before the Horse! Dis funky-mallam Na die O! |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by MMM2(m): 3:42am On Jul 13, 2011 |
Dat guy should go and sleep. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by manny4life(m): 3:54am On Jul 13, 2011 |
This was my initial post after @ pash4naija, I posted before and got banned by spambot; I will try again pash4naija: First off if "thing are in place and effectively running" as you say, a population of 150million with more than 80 financial institutions (all types of banks, brokerages etc), how many Automated Clearing Houses does the CBN has? What is the volume of their transactions daily? How accessible are ACH to the average grocery retailers? I mean ask yourself all this question, Second, online banking is certainly not "cashless" society; fine you can transfer funds within your account, but at the end of the day you still gonna withdraw and pay bills, that defeats the purpose. For instance, up until the time I started using my Credit Card to pay my bills, all of my bills are paid online. I schedule the payment and within 24 to 48hrs, it clears to the merchant. I doubt how many people often do this; although I now know there's an unreliable platform that accepts debit cards online but how often is it used? I'm not asking for anything but let the man put structures in place before moving a policy in place. Third regarding the scams, should I say that it's a part of our norms and culture; people are vulnerable because rather than CBN focusing on strengthening and regulating banks and their services to customers through this vulnerability, rather CBN and its gov. is busy enacting and imposing laws that is absurd. While online scams might be on the low, how has CBN addressed the uprising of ATM fraudulent activities? Shouldn't the CBN through it IT vendor partners be performing random audits on this ATM machines, their network structure and encryption (prevent hacking), and banking and electronic platforms? Shouldn't it's IT vendor and Office of the Chief Information Officer be rolling out new products, as well as introducing IT and network guidelines to prevent fraud. CBN is quite aware of banks and fraud cases with customers, has CBN taken on at least 50 cases, investigated them thoroughly, and addresses new issues from them? He wants to stop 150,000 limit, first off you ask yourself let the CBN do an opinion poll and get an idea, who amongst the public do large withdrawals daily? I guess vendors and merchants and based upon that, he can discern how to set structure in place for this. I know small business owners do large withdrawals to buy goods, if that's what they do, let the CBN engage through the banks and IT companies and come up with an Electronic Data Interchange Platform, Direct Electronic Exchange platforms linked with ACH, that way small business owners don't have to withdraw. People don't have to travel to their banks or merchants banks just to make deposits, from their computer using a secured platform linked to ACH, they can transact goods and services anywhere in the country. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by faithin9ja: 8:04am On Jul 13, 2011 |
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? 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? 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? 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? 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) a few answers please, no need for insults, just well thought out answers |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by HonLord: 8:35am On Jul 13, 2011 |
Please Nigerians and fellow NL, we need to be careful over this issue of cash limit. Are talking about certain set of workes (Local Govt staff,/Teachers, Gate-men, cleaners, casual workers in the PHCN, phone boot operators etc) or is it everybody. How can a man buy a car from someone who does not know you? Is Nigeria going forward or Backward? Is this man crazy or he thinks because he is oppotuned to be CBN governors makes him the most intelligent in the finaical/banking industry? May he not allow Satan to use him as an instrument to cause problem in Nigeria in trying to excercise veto power. He was screened before appointment. The same people that screened him are the same people to delibrate on that issue before he goes public and spending our resources on meaningless issues like Islamic banking, cashless Econimy and Cash-limit policy. Did he establish any company for employing workers or was it not asking banks to sack their staff in the name of not following standard. He is not qualified to head that office with this his pattern of operation - misleading policy that will crash the ecnomy. Where are the facilities to start with? Internet from where? Steady power supply in all the supermarkts etc. God |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by faithin9ja: 8:40am On Jul 13, 2011 |
How can a man buy a car from someone who does not know you? My friend very few people carry 2 million naira cash to buy a car in Nigeria today. Nigerians are smarter than that, patata, both of you, seller and buyer will go to the bank together and you collect your draft over the counter. Nigeria is changing |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by HonLord: 8:53am On Jul 13, 2011 |
If he is to carry out experiments, should do that in his own company and his family members. Trying and error is for Nigeria populace and the poor masses. We don't have security for Police head quarters that contains top officers, how then can we protect the equipments that will be installed all over the country? Anything malam is always expected to be negative. Also, no matter how educated a muslim might be, he is an extremist when it comes to power and authority. They have that mentality that every other person is an infidel who is not a muslim. And in other to convert you and there is resistant - you are to be killed. Why then should muslim be the advocate of Peace as they always claim? Nigeria is a secular state and should follow every procedure to introduce certains things. It's not all that worked in the US, UK, France, India, Saudi Arabia etc that must be intrpduced in Nigeria - reason been that we were deceived by United Kingdom by forming Nigeria witout proper consultation. Also, the North were colonised while the EAST/SOUTH was just a protectorate and the WOMAN called the areas NIGERIA. NOT LEGAL AND WILL NOT BE ACCEPTABLE. Ojukwu saw this thing long ago but the Europeans helped his enemies so as for them to make money in the midst of this confusion of ours - Nigeria - wahala |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by Kx: 9:07am On Jul 13, 2011 |
As Sanusi insists that court cant stop him, likewise, court cant stop nigerians from avoiding the banks. come to think of it, other than depositing money with the banks, what other service are the banks rending in this sanusi era when they aint giving loans as much as they used to? |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by kilowa: 9:46am On Jul 13, 2011 |
Solution to this problem @least you have up to 7 children open account in GTB for all of them apply for online banking transfer N150,000 to all their account all of you should head to the bank at the same time N150,000 X 7 = N1,050,000 + you and your wife N300,000 total=N1,350,000 do the same the second day Gbam |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by BP(m): 10:08am On Jul 13, 2011 |
faithin9ja: |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by faithin9ja: 10:27am On Jul 13, 2011 |
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; Thank you for your well thought out answers, however I think the policy shouldn't be just thrown out like that. as I understand there is to be a pilot to start. I don't see how the policy will stop those who currently use banks stop using banks. your point is very clear, penalties not COT, so customers will avoid penalties by keeping within limit. even in Alaba the traders use a lot of transfers and bank drafts regularly, no wise safety conscious businessman or woman leaves large cash lying around. my point about text alert was to show that banks can improve technology. I agree 100% with you laws should be tighten to make banks more accountable, this will come if we put pressure on the CBN and other bodies rather than raining sentimental abuse. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by donguutti: 11:14am On Jul 13, 2011 |
Abuloma80: nice topic, is it just me or does anyone else notice the bolded, its the third time i am seeing it in a sanusi related topic, does it mean that SLS is above criticism or people cant voice their opinion or is an opinion that does not support SLS anti-northern,or is SLS the CBNN guvnor(central bank of northern nigeria)only. i just need clarifications |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by Rhea(f): 12:29pm On Jul 13, 2011 |
[size=14pt]Sanusi wants to forcefully reduce inflation by tightly controlling the amount of cash in circulation. Unfortunately he will end up stifling an economy that is struggling to rear its head up against the global economic woes of the west. Imposition of a cash withdrawal limit in a 21st century is simply barbaric and archaic. He wants to implement e-commerce in a country that cannot provide 3 hours of uninterrupted power supply through its grids. It will be interesting to see how the CBN and Ministry of Finance will work together.[/size] |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by DadLolade(m): 12:51pm On Jul 13, 2011 |
eNOUGH of all this BH non-sense. GEJ, pls send him on 2yrs compulsory leave or Sack with ur Veto Powers. A word is enough for the wise. No more BH Potential members/ financier. With all his moves such as islamic banking et al , he is one of them. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by MosD: 1:25pm On Jul 13, 2011 |
Let 'god' sanusi do his thing. Simple enuf, we wl go back 2 d archaic methods, use 'kolo', dig a space in ur rum,dig a wall in ur rum n cover it wit picture,use native pot, al these were very efective b4 d advent of wat sanusi claims 2 b his banks nw. Its hightime nigerian rose against d autocratic nature of our latest SADAM |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by dbbest(f): 3:19pm On Jul 13, 2011 |
Sanusi's (cbn's) case,
|
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by basadenet: 4:13pm On Jul 13, 2011 |
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. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by Egelife(m): 4:17pm On Jul 13, 2011 |
Men, if this policy should work out, folks go dey very stingy |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by walkenz: 4:51pm On Jul 13, 2011 |
basadenet: Before Sanusi, NIGERIA has was divided along tribal and religious bounds . Do not put it on him. What is important is to know that drastic measures need to be taken to uplift the standard of the nigerian economy . No one is saying they are not going to be unpleasant at first but if you check the positives , its a path that is inevitable. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by walkenz: 5:08pm On Jul 13, 2011 |
aikuda:some say we need some things to be in place before is, i disagree because some of these things we have waiteed for for decades now.if first thngs dont come first let last things be first.The hard way the only way |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by Nobody: 6:11pm On Jul 13, 2011 |
dis sanusi guy na very funny guy.first was d islamic bank, after d 25,000 minimum balance and nw d 150k daily withdrawal |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by calyx: 6:26pm On Jul 13, 2011 |
Truth is, the cashless thing was going to work some way sometime when this economy is ready. No CBN forced us to use internet banking, ATMs, PoS etc. Everything happens at its own time. People will willingly apply methods when they see the value therein for them This our attitude of 'we must treat them like animals' is really getting out of hand. Very soon they will force us to eat only once a day to reduce inflation based on food items! |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by tlops(m): 6:58pm On Jul 13, 2011 |
una never halla, |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by Nobody: 7:05pm On Jul 13, 2011 |
one very obvious example of a business that won't cope;petrol stations. for you to talk of cashless you must have electricity . i feel frustrated reading people say we need to move to a cashless society.i agree. we also need to put a stop to boko haram and to find a cure for HIV-AIDS. fact is only God solves problems by pronouncements . |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by sley4life(m): 7:20pm On Jul 13, 2011 |
Sanusi is eating more than he can chew |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by executinal(m): 9:03pm On Jul 13, 2011 |
FOLK SANUSI FOLK CBN FOLK BOKO HARAM |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by sley4life(m): 11:28am On Jul 14, 2011 |
This dude should be thrown into the guard room afta the expiration of his tenure |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by hackney(m): 3:12pm On Jul 14, 2011 |
The retard is trying to emulate countries that have the chip 'n pin technology which has no swipe limit for purchases. what a bonehead. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by Gbenge77(m): 5:54pm On Jul 14, 2011 |
you are subject to the law courts,mr sanusi. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by dundee007: 8:06am On Jul 18, 2011 |
How can you impose such a garbage on Nigerians in the 21st century, Dictating to me on how to spend my hard earned money? Lol, He doesn't even know the basics of how to go about achieving a cashless economy. We don't even operate ACH(Automatic Clearing House) in this country, E-payment aint working and internet security is very poor in this country. Dude go back to your accounting ABC, if you weren't taught well i could recommend some E-book to you for more insight on how to achieve cashless economy not this your brainless approach to it. |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by lastpage: 11:29pm On Jul 18, 2011 |
Dont lets get gray hairs about Sanusi, he will "vacate" at the last minute, MARK MY WORDS! Does anyone remember that when Mallam Ribadu was head of EFCC and all efforts to remove him failed, how our nice and courageous government sponsored him to a grade-A course in KURU? Well "Mallam" Sanusi would soon become "Dr. Mallam Sanusi", by the time we send him on a PHD program in Afghanistan! It will last for another four years and when he returns, he will "resign" voluntarily! S-I-M-P-L-E-S! The good things of life are "simples"! |
Re: N150,000 Withdrawal Limit: Court Can’t Stop Me, Says Sanusi by ben68(m): 4:23pm On Jul 20, 2011 |
Is this man (Sanusi Lamido Sanusi) the president of this great country Nigeria?Is he above the laws of this country? How can he go about issuing directives without carrying the populace along? Please someone should check this man before he destroys this country,to me he is just inordinately over-ambitious unnecessarily |
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