The year is winding up but CBN seems not to understand what the people are facing. They are still introducing policies that are crippling the economy in the name of fixing the economy.

First, they have forced banks to limit daily withdrawal to 20,000 and 50,000 naira daily for individual and corporate account holders respectfully.

They are unifying the BVN so it is used to carry out transactions per individual. What this imply is that you can not play smart by withdrawing from different account or banks to exceed this daily withdrawal limit.

They have instructed banks to introduce a very high charges to customers using banking hall to carry out transfer transactions from their individual savings account just to force them make use of mobile transfer options. This has made front tellers of these banks to be more arrogant to customers just because they want to make transfers and obtain a receipt. This attitude also affects those trying to check their balance while in the banking hall. These are uncalled for.

While most banks are daily loosing customers to mobile money/microfinance/business banks like Opay, Palm pay, moniepoint, Kuda and their likes, the commercial banks arrogance has not been tamed because they are the only institution with right to receive deposits. But this policy of daily limit will see the banks shot of deposit transactions because people will make use of the alternative which is going to POS Operators who source their funds from private businesses by offering them interest that banks can never give.

The implications of this is that CBN has deliberately shifted the pressure from commercial banks to business owners. This will increase the painns of the masses as the wealthy will always have their ways and business owners won't feel the cash crunch.
In essence, CBN is increasing the volume of unbanked money in circulation in attempt to regulate physical cash inflow. This is bad.

Again, greedy commercial banks are going to embark on another sacking spree because the volume of daily transactions from their banking halls will fall. This still will not improve the economy that CBN is trying to save with cosmetic approach.


Just like the EFCC chairman has said, it is not wise to shut down a business built with proceeds of corruption. It is not wise to destroy ships and vessels and crude oil recovered from oil thief. Neither is it right to destroy drugs and consignments from illegal routes, the CBN should not see the wealthy as enemy of the economy with all these policies targeted at the rich which later fall on the masses.

The CBN should rather advice government on cutting taxes and harassment so that people can invest their wealth. While it is good to control the amount of physical cash in circulation, when people are forced to keep hiding cash because of this policies of limiting cash withdrawal, the economy suffers and the CBN would print more money to cover the shortfall.

The CBN should float the cash. They should introduce a very high denomination of currency so that those who intend to hide physical cash or looted cash will keep them in high denomination so that people can do their daily business. These monies are piece of paper.

Wahala

CBN AND MDBS ARE MUSLIM MUSLIM TICKET AND SPOILERS @ every end year and Christmas.

CBN and bad leadership is a threat to our lives.
Nigerian's are going through alot this period.

THIS IS MUSLIM MUSLIM TICKET. THE CBN IS FOLLOWING IN THE FOOTSTEPS OF EMEFIELE AND BUHARI. THE CBN SHALL FAIL WOEFULLY LIKE EMEFIELE AND BUHARI. NOTHING SHALL MOVE WELL IN NIGERIA UNTIL NAIRA IS EFFECTIVELY TAGGED AT N500:$1 BY MR. PRESIDENT HIMSELF. THE CBN HAS NO RIGHT TO DEVALUE THE NAIRA.
PETROL PRICE MUST NOT EXCEED N500 PER LITRE.
KEROSENE N500 PER GALLON.
GAS N500 PER UNIT.
ALL FOREX EXCHANGES MUST BE THROUGH THE CBN AND MDBS.

Lovemeharder:
CBN and bad leadership is a threat to our lives.
Nigerian's are going through alot this period.

They are trying to control money in circulation this festive season. Money that has lost value. This is a great height of cluelessness. If our naira has value, you can manage 20k. Now you have to transport yourself to the Bank every day if your daily expenses is above 20k or you use other payments options. But now that they have created the tension, the banks won't be seeing deposits again so they are still caged by CBN and won't be able to meet up with the 20k daily limits .
YOU CAN NOT CLOSE YOUR ACCOUNT WITH YOUR BANK And THEY Pay YOU CASH. They can only transfer to other bank that you have or no money for you.