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CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies - Business - Nairaland

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CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by supereagle(m): 9:30pm On Mar 19, 2012
The Central Bank of Nigeria on Monday formally announced that it had raised the cash deposit limit for individuals from N150,000 to N500,000.

The cashless policy, which will being on April 1, 2012, is applicable only to Lagos in a pilot phase until January 1, 2013, when it will be extended to other parts of the country, according to a statement by the Head, Corporate Communications, M.M. Abdullahi.

The statement said the cumulative withdrawals and lodgements for corporate bodies had been increased from N1 million to N3 million.

“The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10 per cent to 3%, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20% to 5%.

“The processing fee for lodgments above the limit for individual customers has been reviewed downwards from 10% to 2%, while the processing fee for lodgments above the limit for corporate bodies has also been reviewed downwards from 20% to 3%,” the statement said.

The apex bank also said, “Exemptions have been granted to Ministries, Departments and Agencies (MDAs) of the federal and state governments on lodgments for accounts operated by them, for the purpose of revenue collections ONLY.”

The bank added, “The cash-less policy applies to transactions conducted in branches of banks situated in Lagos State only for now. The implementation of the newly approved processing charges by deposit money banks in Lagos State will commence on April 1, 2012. It should, however, be noted that the charges are subject to review every six months.

“Meanwhile, the pilot programme in Lagos State has now been extended to December 31, 2012 in order to allow people to be more conversant with the new initiative. As such, the roll-out of the programme in other states of the federation has been deferred to January 1, 2013.”

http://www.punchng.com/news/cbn-raises-cash-limit-to-n500000-for-individuals-n3m-for-corporate-bodies/
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by ZUBY77(m): 2:23am On Mar 20, 2012
Good news i must say.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by saska1122: 2:43am On Mar 20, 2012
ZUBY77: Good news i must say.

What is good news here?
OK, I guess d reduction in d %charges.
But unfortunately, CBN hasn't done anything to prepare the people for this.
How many business outlets have functional POS aside the big supermarkets/shops?

Y can't they make a policy and allow for at least 2-3yrs before taking effect?
Why are we in a haste to NOWHERE? The corruption we should chase out, we don't.

1 Like

Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by adconline(m): 2:44am On Mar 20, 2012
It seems CBN did not think this through before they adopted the policy. I still believe that they have not studied the effects this will have on the economy very well.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by jmaine: 2:47am On Mar 20, 2012
An improvement over the last
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by Kobojunkie: 3:16am On Mar 20, 2012
Barely 2 months into the test run and the CBN is finally making some sensible changes. WOOHOOO!!!

Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by maninmood(m): 3:55am On Mar 20, 2012
Sorry peeps, does this policy apply to savings? Like if I am to save above 500,000, will I be charged the 3%? Or is it only limited to withdrawal?
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by MoUTD: 4:44am On Mar 20, 2012
It is a welcome development. But the cbn need to sensitize the populace the more within the period.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by clip: 5:33am On Mar 20, 2012
With this increase,the cash lite system is set for doom. How many cash transaction by individual exceed 500k per day. I guess, it is about 20%. So where do the patronage of the cash lite from. It implies that the patronage will be 20% . 20% = failure
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by jensinmi(m): 5:59am On Mar 20, 2012
@ Kobojunkie.


Don't mind the silly people. I thought they said they were deaf when reasonable minds were telling them it wouldn't work.

I wonder why critical thinking is a scarce commodity amongst Nigerian institutions.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by munaco: 6:43am On Mar 20, 2012
senseless. how can nigeria be cashless when nothing is in place. stupid policy for the rich while the bank will be smiing. does it affect people with salary above N500,000.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by alex406(m): 6:44am On Mar 20, 2012
The consequences are becoming clearer to them,thats why they are going for this extension. Kudos to them anyway.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by Miroslavklose: 6:53am On Mar 20, 2012
Nigeria is a big joke. first the hurriedly prepared SURE programme collapsed. Now SLS further reviewed his proposed policy that is even yet to commence.

I can bet that he'll still review same again
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by Miroslavklose: 6:58am On Mar 20, 2012
maninmood: Sorry peeps, does this policy apply to savings? Like if I am to save above 500,000, will I be charged the 3%? Or is it only limited to withdrawal?
penalty is for both deposit and withdrawals and its applicable to both individual and corporate accounts.

Individual: if u withdraw above 500k, u'll be charged and if u save above 500k a day, u'll also be charged. same applies to companies on 3million limit

1 Like

Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by chuks49(m): 7:12am On Mar 20, 2012
Voodoo economists, they create vague assumptions and deduce their desired findings from fake assumptions. Forgetting in economics just like in most social sciences you don't hold variables constant, they interplay, they keep changing to the extent that often times it leads to undesired outcome.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by andyanders: 7:46am On Mar 20, 2012
Instead of Sanusi to start this policy in Abuja where they steal money, he is using Lagos as the starting point. Why not Kano also?
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by Nobody: 8:01am On Mar 20, 2012
What this man should doing is trying to reduce interest rates and add value to our almost worthless naira instead of this eye service cashless whatever.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by collinsfbi(m): 8:18am On Mar 20, 2012
To me, it make no sense at all, I will continue to say, it will only favour banks and it's never a policy to checkmate money laundry and it will never be.

Useless policy


Gbammm

1 Like

Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by Nobody: 8:19am On Mar 20, 2012
Why is it that the Nigerian ppl are always left with no choice? Why must they always force their not-well-thought-out-policy down our throat. Cashless transaction should be made available as an alternative. Its pretty simple; its my hard earned money and i should be allowed to carry it anyway i like, if i trust my bank enough to use its cashless platform then i will. but if i believe my money is safer if transfered physically then its my choice.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by lilkech(m): 8:21am On Mar 20, 2012
AMA KIP KIPing cash in my pockets, wallets and buried in my backyard

4lk SLS and his cashless economy joor
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by moderattor: 8:26am On Mar 20, 2012
the system couldnt support boko guys anymore.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by odedele: 8:38am On Mar 20, 2012
CONFUSED MALLAM
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by Okijajuju1(m): 8:43am On Mar 20, 2012
WHy!!

I was really looking forward to this!!

Atleast I would have helped reduce money laundering!
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by sledge001(m): 8:44am On Mar 20, 2012
HMM, kinda speechless. Instead of focusing on pressing national issues......Going cashless shd be a more gradual process.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by babaowo: 9:00am On Mar 20, 2012
andyanders: Instead of Sanusi to start this policy in Abuja where they steal money, he is using Lagos as the starting point. Why not Kano also?
thank you!...i think they should start from capital instead of lagos. SLS is an idiota
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by collinsfbi(m): 9:19am On Mar 20, 2012
babaowo: thank you!...i think they should start from capital instead of lagos. SLS is an idiota

Abi ooooooooooo



Gbammm over and out
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by jpphilips(m): 9:49am On Mar 20, 2012
Voodoo economists, they create vague assumptions and deduce their desired findings from fake assumptions. Forgetting in economics just like in most social sciences you don't hold variables constant, they interplay, they keep changing to the extent that often times it leads to undesired outcome.


my opinion about Sanusi has never changed till he proves otherwise


One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous elements were donating to his campaign, we still believed he will take us to the promised land on luck.

Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence,
Has sanusi’s economic agenda ever worked in this country? Which school of thought does he belong to and what is his mission in this country?

I asked this because I am an ardent follower of events in the economic parlance and the pragmatism of sanusi’s economic agenda eludes me.

This is a man who inherited a banking sector which according to Business day 2006 edition averred that for every five Nigerians with a good job, three are bankers.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?

In the words of his predecessor, he consolidated these banks, the banks were more financially robust, doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure, during the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recovers.

Here comes our Sanusi with his usual voodoo economic theories and political economic jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that most banks are not healthy. You know the end of the story. Till date we lost one of the most viable sectors of this economy, we lost meaningful employments and international confidence in our banking industry in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.

I ask again; who is this Man Sanusi and his mission in this country?

I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (he destroyed) and give loans to SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.

Till date, Sanusi has not given Nigerians the progress report of those bailed out SME’s especially those in the textile business.

By throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our good jobs for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in your economic reform agenda.

Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?

If the landing cost of PMS is about 120naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people.

Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a fraction of 10% increase, lol
This is an economy without a functional price regulatory agency and a comatose standard organization with bribe drunken police officers. What drives this man’s economic sagacity? Witch craft?

Thirdly,

Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies from united states between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, unfavorable business climate.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse.
Today, a drunk CBN governor is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?

Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller sergvicing companies to thrive, how exactly do you want the refining companies to thrive?
How do they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for ghananians and Niger than Nigeria.
Some servicing companies will rather relocate to Ghana and leave skeletal operations here in Nigeria just to stay in business exporting our labour else where and our voodoo CBN governor thinks otherwise.
I am deeply ashamed and embarrassed for the caliber of m0rons that rule this nation.
I say it for the umpteenth time that we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.

Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly

Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? Less than 600billion, what kind of refinery will that build? Hope sanusi is not confusing refineries with fuel dispensing stations or we are going for another IMF/world bank debt burden? I don’t just get it.
Where is sanusi gonna get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international crude price? This man is cynical.

How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time? I don’t know if our prayers are really working.

Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.

6 Likes

Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by jpphilips(m): 9:59am On Mar 20, 2012
Voodoo economists, they create vague assumptions and deduce their desired findings from fake assumptions. Forgetting in economics just like in most social sciences you don't hold variables constant, they interplay, they keep changing to the extent that often times it leads to undesired outcome.


my opinion about Sanusi has never changed till he proves otherwise


One big problem of Nigerians is our inability to scrutinize people’s pedigree.
Look at president Jonathan for instance, this is a man with zero success story as both deputy and Gov. of bayelsa state, zero success story as both vice and acting president yet Nigerians delude themselves he is the messiah even when it was clear that unscrupulous elements were donating to his campaign, we still believed he will take us to the promised land on luck.

Let us talk about this mystic economic team Jonathan put together, who are these people?
I for one have no bias against any public official in which ever capacity but I have zero tolerance for incompetence,
Has sanusi’s economic agenda ever worked in this country? Which school of thought does he belong to and what is his mission in this country?

I asked this because I am an ardent follower of events in the economic parlance and the pragmatism of sanusi’s economic agenda eludes me.

This is a man who inherited a banking sector which according to Business day 2006 edition averred that for every five Nigerians with a good job, three are bankers.
Today, we have a Sanusi who in his usual voodoo economic jingoism has created more unemployment and inefficiency in the banking sector than the military junta.
Who is this man Sanusi?

In the words of his predecessor, he consolidated these banks, the banks were more financially robust, doing bigger business but along the line something happened.
There was partial deregulation and the cost of diesel went all time high and very scarce, some of those companies who took loans from the banks were running high over head cost and couldn’t survive the tsunami of events that followed,
Job cuts, and eventual closure, during the last days of chukwuma soludo, the businesses were already down so no way to repay the bank loans.
The banks were stranded but soludo applied wisdom, in his words ‘’ decision making in the banking system must carry the instrument of perception along’’ and that was exactly what he did, he quickly created an EDW whereby the near distressed banks could quietly access Govt. loans to revive their institutions hoping to keep people’s confidence in tact while the banks gradually recovers.

Here comes our Sanusi with his usual voodoo economic theories and political economic jingoism.
Destroyed the first instrument of perception which soludo fought so hard to preserve by coming on National television to announce that most banks are not healthy. You know the end of the story. Till date we lost one of the most viable sectors of this economy, we lost meaningful employments and international confidence in our banking industry in its entity, thanks to Sanusi’s voodoo economic theories and mystic economic solutions.

I ask again; who is this Man Sanusi and his mission in this country?

I leave you to be the judge of preceding events from Sanusi’s actions. After consulting his economic oracle, he boldly told Nigerians that the way forward is to bail out the banks (he destroyed) and give loans to SME’s (small and medium scale enterprise) hoping that they will bounce back in business to repay the bank loans.

Till date, Sanusi has not given Nigerians the progress report of those bailed out SME’s especially those in the textile business.

By throwing his weight behind full deregulation in the downstream sector simply tells me that Sanusi’s witch doctor did not tell him exactly which economic formula destroyed his banks. Perhaps he thought that his SME ‘’palliative’’ was good enough for miserable Nigerians who don’t mind trading a permanent position job for a contract job which was what his SME’s were offering or rather, our good jobs for underemployment.
This is a man that ignores the basic on ground economic theories that work in the country for some mystic economic solutions.
That begs the question; should you deregulate fully the downstream sector, what becomes of those SME’s and how do they repay the loans you gave to them considering that energy cost and inflation will triple their over head cost? Or has his voodoo economic solution already categorized them as mere collateral damage in your economic reform agenda.

Let us analyze some of sanusi’s Hennessey inspired economic formulae.
First he said that by withdrawing subsidy they have destroyed corruption and broken the financial bones of the ‘’cabal’’ benefitting from this subsidy regime, is this really true?

If the landing cost of PMS is about 120naira and government’s inefficiency bloats it to 141naira (ofcourse, storage,transportation,deumurrage etc as enshrined into the subsidy are all Govts ineptitude).
“Citeris paribus” under the subsidy program a marketer earns 110-65 (ie if ideally Govt clean their mess)
And without subsidy, a marketer makes 220,180,165-110 who exactly did this economic magician break their finances? Because what I see in my economics kwashiorkor is Govt transferring the burden of import deficit to the people.

Secondly, his liquor economics made him believe that he will save money in the face of spiral inflation, and went ahead to justify the inflation saying it is by a fraction of 10% increase, lol
This is an economy without a functional price regulatory agency and a comatose standard organization with bribe drunken police officers. What drives this man’s economic sagacity? Witch craft?

Thirdly,

Sanusi is consistently lying to Nigerians that an increase in pump price will attract investors to build refineries; this is the verge where I think sanusi should go back to school.
SLS is not enlightened enough to understand why there was an exodus of indigenous American companies from united states between 1998 to 2008 to Asia and Africa, reason; COST OF DOING BUISNESS or better put, unfavorable business climate.
With unfavorable tax laws, incessant labor wage reviews and land acquisition challenges, most companies couldn’t survive and they left US en masse.
Today, a drunk CBN governor is proposing that increase in pump price which will directly translate to high energy cost (in a generator driven economy), spiral inflation and high cost of labor will attract foreign investors to build refineries. Is it not ridiculous?
What kind of voodoo economic theory is that?

Take shell for example, the presence of SPDC in portharcourt has given rise to a plethora of servicing companies rendering one or two services to shell and that is how it works.
Does sanusi think that the refining companies will be servicing themselves? Is that possible? When you destroy the business environment for these smaller sergvicing companies to thrive, how exactly do you want the refining companies to thrive?
How do they cope? If at all it works, most components and services are definitely going to be outsourced to neighboring countries creating jobs for ghananians and Niger than Nigeria.
Some servicing companies will rather relocate to Ghana and leave skeletal operations here in Nigeria just to stay in business exporting our labour else where and our voodoo CBN governor thinks otherwise.
I am deeply ashamed and embarrassed for the caliber of m0rons that rule this nation.
I say it for the umpteenth time that we don’t need to create problems to solve problems, what we need is to ensure that Nigeria has cheaper oil on ground, that will attract investors as against sanusi’s high pump price economic theory which will breed inflation and closure of smaller companies.
The IOC’s (international oil companies) operating in Nigeria has told us that it takes less than 12 usd to extract 1bbl of our crude oil.

Why is sanusi not thinking of creating a solution from that angle? if NPDC can guarantee us just 150,000bbl/d of this cheap crude at less than 12usd, the market will be attractive, add refining cost and other cost to push it to about 22usd/bbl a pms of 30naira per litre will be achievable from these refineries and inflation will reduce by over 40%.
Is this too much for Madueke and Sanusi to sit and figure out? Other than their inflation marred solution.
Lastly

Sanusi lied that the subsidy reinjection fund will be used to build refineries; I can’t help but pity his unrealistic mystic economic solutions.
How much is the FG’s cut in the SURE fund? about 400billion, what kind of refinery will that build? Hope sanusi is not confusing refineries with fuel dispensing stations or we are going for another IMF/world bank debt burden? I don’t just get it.
Where is sanusi gonna get the crude oil to supply these refineries? From the little we make from our JV? I hope this man is not taking us for a ride?
This same crude we use to implement our budget? Which sells at international crude price? This man is cynical.

How did we end up with two monsters sanusi lamido sanusi and Allison Madueke at the same time? I don’t know if our prayers are really working.

Sanusi and Allison madueke are doing a great disservice to this nation though I don’t expect Mr. President to fire them because he is too incompetent to read the hand writings on the wall.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by nwanioma(f): 9:59am On Mar 20, 2012
andyanders: Instead of Sanusi to start this policy in Abuja where they steal money, he is using Lagos as the starting point. Why not Kano also?

I totally agree!!! They should have started in Abuja! But the review is a welcomed development sha!
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by queensmith: 10:14am On Mar 20, 2012
forgive me if this is a foolish question, but does CBN have the right to impose policies on things that mainly concern the bank and it's form of operation?
For example- the cashless situation is the responsibility of the bank? The bank should decide what it's maximum cash limit will be and the charges according to the banks capacity? Or am I looking at this the wrong way?
I'm guessing these policies are to aid mastercard and Visa since I heard they are expanding in Nigeria. What I don't understand is why the CBN have taken to implement policies to make global giants more money at the expense (once again) on the Nigerian people.

An increased corporation tax or an introduction of VAT for example will make more sense to the economy than the run around on Bank charges.
And if the UK is anything to go by banks will abuse the policy to impose nuisance and probably illegal charges.
Re: CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies by stepo707: 10:23am On Mar 20, 2012
andyanders: Instead of Sanusi to start this policy in Abuja where they steal money, he is using Lagos as the starting point. Why not Kano also?
Gbam!

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