Friday, May 27, 2011

Cash limits gets to Nigeria

Two editions ago (Vol 13 No 6, 2010), we reported on on-going global efforts to transit to a cashless society as governments all over the world continue to create more and more hurdles to render large cash transactions unattractive. Nigeria is clearly in tune with these moves, as the Central Bank of Nigeria (whose governor has just received the Bankers’ Global and African Central Banker of 2011) has now announced limits and penalties on cash transactions (withdrawals or deposits) in the country. To take off in five commercial nerve centres of the country as from June next year, the new rule stipulates a fine of N100 per extra N1,000 of cumulative cash transactions above N150,000 per day for individuals; while corporate organisations who deal with cash above a total of N1,000,000 per day will pay a fine of N200 per extra N1,000.
Of course, there are sound social and economic reasons to justify the new policy. According to the CBN, it will “reduce the high usage of cash, moderate the cost of cash management and encourage the use of electronic payment channels.”
However, as we pointed out in the previous article, even though reasons cited by various countries vary, the one inevitable result of these moves to a cashless society is more central control, necessary in the establishment of a one-world government to be headed by the antichrist.

No comments: