₦airaland Forum

Nairalanders are funny men. Reptilian indeed.

You might be interested in the Full Text Of CBN Circular ON Cash Withdrawals & Deposits

In our original discussion of the 150k limit, most Nairalanders strongly condemned the CBN for what they saw as a heavy-handed policy that was not well thought out at all and would lead to unnecessary hardship and people keeping more cash at home.  The reason given, 'promoting e-payment' was criticized because there are much better ways to promote e-payment without robbing Nigerians of their freedom to withdraw/deposit their own money.  The 1m limit for all companies (including Dangote?!) was found to be hilarious.

But could it be that we're judging the CBN wrongly?  Well, here's the CBN circular announcing the thing:

Ref: COD/DIR/GEN/CIT/05/031 20th April, 2011
All Banks,
CIT Companies,
Payments System Service Providers
Switches,
Card Acquirers,
Issuers and Processors.

INDUSTRY POLICY ON RETAIL CASH COLLECTION AND LODGEMENT (IITP/C/001)

In view of increasing dominance of cash in the economy with its implication for cost of cash management to the banking industry, security, money
laundering, etc., the Central Bank of Nigeria, in collaboration with the Bankers Committee, is adopting policies to reduce the high usage of cash,
moderate the cost of cash management and encourage the use of electronic payment channels.

Consequently, the Central Bank of Nigeria hereby directs as follows:

1. Commencing from June 1, 2012, a daily cumulative limit of N150,000 and N1,000,000 on free cash withdrawals and lodgments by individual and corporate customers respectively with Deposit Money Banks (DMBs) shall be imposed. To this end, individuals and corporate organizations that make cash transactions above the limits will be charged a penal fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits.

2. Contravention of this policy shall attract a fine of five (5) times the amount that the bank waives as a first offender. Subsequently, the
bank shall pay ten (10) times the charges waived.

2. Furthermore, 3rd party cheques above N150,000 shall not be eligible for encashment over the counter. Value for such cheques shall be received through the clearing house. If a bank allows 3rd party cheque encashment, it shall be liable to a sanction of 10% of the face value of the cheque or N100,000 whichever is higher.

3. Banks will cease cash in transit lodgment services rendered to merchant-customers from June 1, 2012. In this regard, customers could engage the services of the CBN licensed cash-in-transit (CIT) companies to aid cash movement to and from their banks at mutually agreed terms and conditions. Contravention of this policy shall attract a fine of N1.0 million per specie movement.

4. This arrangement shall be in force in Lagos state, F.C.T., Port Harcourt, Kano and Aba in the first instance. The arrangement shall be extended to other parts of the country at a date to be determined by the Bankers Committee.

5. To achieve interoperability of local currency POS transactions, no card scheme, foreign or local, shall operate exclusive acquirer agreement or contract in Nigeria with effect from June 1, 2011. Any payments scheme, processor, switching company, service provider or bank that contravenes this policy may be suspended for a minimum of one (1) month by the CBN as a processor, switching company, service provider etc in the first instance. The license may be withdrawn by the CBN if the contravention is repeated.

6. This policy shall apply to both private and public sector transactions. All financial institutions including Deposit Money Banks, Savings and
Loans, Mortgage and Microfinance Banks shall comply accordingly.

7. Compliance with the policy shall be monitored by the Banking Supervision Department and the Other Financial Institutions Supervision Department with appropriate sanction applied to erring institutions.

While the Central Bank of Nigeria will make general announcements and carry out public awareness programmes individual banks are expected to
do same. The affected customers of banks should be informed in good time by the banks with clear advice on alternative electronic payment channels available to them.

Muhammad Nda
Director, Currency Operations Department

Source: http://cenbank.org/out/2011/circulars/cod/retail%20lodgement.pdf

Well, you've heard it from the horses' mouth.  What do you think about it now?

You think the royal family would have allowed her to chose an indecent dress for a royal wedding? No way!

Why do women always have to be victims? Why can't they be heroes or villains sometimes?

Source?

daguru:
Every Coin has TWO SIDES.

This policy has created a lot of problems waiting for entrepreneurs to solve. Time for Nigerians to think outside the box and come up with innovative solutions to all the problems this policy would create.

WHAT SIDE DO YOU WANT TO BE ON. YOU CAN DO ANY OF THE 3 OPTIONS

1) Lament, call names, and hurl insults at the CGN
2) Position yourself to make a killing and lots of cash from solving the problems created by this policy change
3) Sit down, fold arms and do nothing

This is a clarion call to every entrepreneur in the land. Opportunity knocks but once

I would rather spend my time solving real problems than solving fake problems caused by foolish policies.

I think the National Assembly should find a way to limit the power of the CBN.

Source please?

You were right afterall. Thanks for the excellent suggestion.

Can you prove that the picture was taken during elections? Maybe a pic including the ballot box?

Misleading topic locked permanently. Next time, don't post what you know is not true.

I didn't vote this time.  I know ACN is going to win in Ogun State (we hate PDP/PPN), so there's no point.

White or Latino chick?

Sorry about that. t's by design. Other pages will still work when you get that message.

Dear MTN Internet User,

You may have been finding it difficult to access Nairaland since last week Thursday/Friday.
This was due to technical difficulties caused by the nefarious activities of some malicious users.

I'm very sorry about this. I've just deployed a promising solution to the problem. Hope it works.

Regards,
Seun Osewa
www.nairaland.com

What page are you loading when you get that message?

Moved to education section.

dani1luv:
Database Error: MySQL server has gone away
File: /2/nairaland/Sources/Subs-Post.php
Line: 995

That happens once in a while, on some pages. Don't worry about it. Just refresh 5 minutes later.

That one is a bit different. Will look into it.

Fixed.

Signed.

Are you guys trolling me?  Because I can't find the details. Are they still there??

The link does not exist. I checked. Can anyone else confirm it??

It should have stopped since ate afternoon yesterday.

So we won? Is it over/

All right. I feel the new one has better presentation but your wish is my command.

I never posted my details on the front page. Am I missing something??

A veteran of an often corrupt banking industry, Sanusi, 49, took up his position at the height of the financial crisis in June 2009 and immediately turned on his former peers. He took over nine banks, sacked the chief executives of eight of them, ordered a series of mergers and named their biggest debtors. He was, he said, cleaning up not just banking but all Nigeria. Sanusi's will be a long fight and a dangerous one: death threats have obliged him to employ armed guards. But it is also essential for Africa's sleeping giant to finally awaken.

Read more: http://www.time.com/time/specials/packages/article/0,28804,2066367_2066369_2066445,00.html

Interesting.

petaling:
The Federal Ministry of the Interior is for ensuring and maintaining the internal security of Nigeria. The Ministry has under it the following agencies: Nigeria Immigration Service; Nigeria Prisons service; The Nigeria Security and Civil Defence Corps; Department of National Civic Registration.

The minister does not control the police and SSS. Why did you sack him leaving National Security Advicer, DG SSS, IGP, Minister of Police affairs.

It seems the current IGP is untouchable

Check my last post. Among other duties, the NSCDC is responsible for "ii. Provision of security and monitoring services before, during and after electoral exercise."