queensmith: 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.

When you realize that CBN means CENTRAL BANK OF NIGERIA, you'll realize that this indeed is a foolish question.

Miroslav klose: 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

What the hell is wrong with you Nigerians?

Someone modified a policy based on public feedback and to you m0r0ns it means the person is 'confused'?

jensinmi: @ 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.

Now that Sanusi has modified it to a more gentle transition, shouldn't you be thankful? The CBN has just proved that it isn't 'deaf'. Why satisfy your need to complain and whine all the time?

Don't we have a say in issues like this?!!!

texazzpete:


What the hell is wrong with you Nigerians?

Someone modified a policy based on public feedback and to you m0r0ns it means the person is 'confused'?



Now that Sanusi has modified it to a more gentle transition, shouldn't you be thankful? The CBN has just proved that it isn't 'deaf'. Why satisfy your need to complain and whine all the time?

He is a confused human being;evn d ordinary mkt woman in d street cud see dat d infrastructure was not there and dat d limits he imposed where not practicable,evn in advanced economies,talkless of a retail,cash based economy like ours;y was he in a rush without tinking out d policy,my bet is dat d man is a childish rush to av all kinds of new policies attributed to his name without analysis of those policies viz-a-viz d nigerian econoic sphere

jp philips:


my opinion about Sanusi has never changed till he proves otherwise

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?

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?

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.

Thank you very much for this piece.
Some peeps have wondered why the "Trial Run" is in Lagos and not Abuja where LawBreakers exchange Cash for favors? Others also wondered why he did nt start this in Kano (instead of the Nations economic hub that is Lagos), at least if it fails like most of his "thoughtless policies", its effect will be minimal compared to collapsing the economy of Lagos!

*Where is the "stable Broadband" internet to carry the financial data online? Is it the epileptic ...that is sold to us as "Broadband"?
*Where is the stable electricity to "power" devices that would sustain this cashless society in Lagos or are we to do it on "i-better-pass-my-neighbor" Generators running expensive PMS and Diesel?
*What about the availability of POS, at what additional cost to the Small business man like a bricklayer (Mason) that has to pay workers at the end of the day or the Block-maker, Cement Seller?
Must he run the economy on a "Trial-and-Error" basis, like a kindergarten?

That Sanusi chose Lagos for this his inept test-run is further confirmation of what everyone has been saying: He is Destroying the economic base of the South of Nigeria.
Who owns most of the banks he destroyed? Southerners! (even when his Northern bank has not been stressed-tested at all, he went on air to list Southern-owned banks as distressed!)

Though l hate to point it out, but it is becoming impossible to ignore Sanusi's ethnic agenda!

Apart from been bereft of any cogent idea that can lift the economy, this man is a "suicide-waiting to happen".
As clueless as Jonathan is, even him should be able to at least "observe" that inflation, cost of living, e.t.c is on the rise while infrastructure and any form of development is on the wane or is he not a PhD holder? .

This country is really screwed, from all holes!

OLODO full 9ja o. EVEN PUNCH

I tot it was CASH WITHDRAWAL LIMIT and not CASH DEPOSIT LIMIT that CBN was concerned with.

Mediocrity is abound within our boundaries o

LOL

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?

And what make you think nigerian THIEFS Ooops, sorry, Ngerian policticians do make transactions with local banks?

Na swizz account mehn, go figure it out yourself!

I thought we had intelligent pple here but of course we don't. Y shld d policy start from abuja? Lagos is Nigeria biggest economic state. If it works in lagos, it will work anywhere in nigeria. If d policy works in abj or kano doesn't mean it will work in lagos. U keep bringing up assumptions without facts.
Now that CBN has adjusted its cashless policies, u still complain. U are either for or against a cashless economy nothing more. U talk of infastructure, the govt has refused to provide infastructure, for how long shld CBN wait when d rest of d world is moving. It cashless economy, d govt will be forced to do so. And again nigerians are very careless on matters concerning banking policies until it close to d deadline they start rushing to d banks.
A plus for CBN in adjusting its policy. If CBN insist of 150k, me and u will only complain and do nothing.

my people this SLS man want to kill us ooooooo
let's watch and see how he review the cash lite economy over and over again. please can someone tell me when he is due to leave office

The bottom-top approach to a cashless Society look half thought-out.

I would have implemented it top-down and that would have been more effective.

Make whole-sellers of goods and services whose daily output exceed a particular amount to install POS equipments. Institute daily penalties payable to the Federal Government until they comply after the grace period.

Reduce VAT (I do not know what the VAT is in Nigeria now, but e.g. if the VAT is 5%); reduce VAT to 4.0% for all customers who use the POS equipments to complete their transactions instead of Cash. And increase VAT to e.g 7.0% for all Cash transactions.

Then inform the people via daily national broadcasts, Ads, etc about these 'money saving tips'. Before you know it, the citizens will start getting cashless and patronize sellers that have POS system or make deliberate choice to be cashless. I would not be surprise to see people pressurizing their regular joint to go POS....because it is a win-win...more business for the joint and more 'savings' for the customer.

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I thought its four years for any CBN Governor to serve? Sanusi time E never reach? E never done? Its been a torrid and terrible time under him.

u dont need to make laws to go cashless put infrastructure in place to encourage it,let me state an instances,,,from oslo airport to asker by fly to get train is 200 nok if paying by cash and 170 nok if paying by card..

Any policy that has to be reversed / reviewed within 2 months of implementation was a bad policy to begin with! Nonetheless, we must thank them for having the courage to admit to an error. Why Lagos? While Abuja may be the geographic capital, Lagos is now, and perhaps always will be, the financial capital of Nigeria.

I still insist, IMHO, Nigeria is not fundamentally ready for a cashless economy. The argument of trying to eliminate financial crimes has just been made redundant - 419ers would gladly pay 3%, I'll bet!

Well, its better but not the best. thank u mallam sls.

I guess he is targetting Tinubu.

info@lpf:
Any policy that has to be reversed / reviewed within 2 months of implementation was a bad policy to begin with! Nonetheless, we must thank them for having the courage to admit to an error. Why Lagos? While Abuja may be the geographic capital, Lagos is now, and perhaps always will be, the financial capital of Nigeria.

I still insist, IMHO, Nigeria is not fundamentally ready for a cashless economy. The argument of trying to eliminate financial crimes has just been made redundant - 419ers would gladly pay 3%, I'll bet!

The run in Lagos was a beta rollout to test the real-world implications of a move to 'cashless economy'. There is nothing wrong with a review after 2 months. In fact even a monthly review is a better proposition.

A Rapid Response Squad’s Armoured Personnel Carrier were stationed at the scene.

texazzpete:

The run in Lagos was a beta rollout to test the real-world implications of a move to 'cashless economy'. There is nothing wrong with a review after 2 months. In fact even a monthly review is a better proposition.

I humbly beg to differ Texazzpete.
I develop and implement strategies for multinationals for a living, and we NEVER as a policy develop strategies that have to be radically changed in the first 6 months - 1 year post roll-out!
Lets be clear - We are not talking about simple project based strategies here. Contractionary monetary policies such as this have long term implications at a macro and micro level, with overarching goals such as reducing inflation, spurring growth, boosting employment etc., and as such, have to be at a minimum:
1. well thought out, given the prevailing circumstances,
2. understood and absorbed by a well informed public,
3. implemented at the right time,
4. rolled out and given a chance to impact nationally, regionally and globally. Don't forget, this is Central Bank policy, with international ramifications. Not some low level company making fiscal decisions.

Anything short of that is trial and error, and Nigeria needs policy makers who KNOW EXACTLY what they are doing, and are not simply winging it! A Central Bank MUST be seen to be credible, at a minimum. However, this is not the place for a discourse on economics or government appointments that lack merit, so I shall leave it there.

Regarding the first part of your statement - in writing "Why Lagos?" I was responding to some other poster, who asked the question. I was not asking the question. My answer quite simply was that Lagos is the financial capital of Nigeria, and as such makes sense as the location for a test.

STANBIC ibtc ILLEGALLY withdrawing cash from peoples account in the name of cashlite!!!
i have personally suffered three withdrawals........even without me making a transaction & hav taken dis issue up formally.
if i dont get a refund i'd get a lawyer!