what is this, what does it mean to us, how does it affect us.
In a bid to reduce the increasing use of cash-in transactions, the CBN directed all commercial banks, savings and loans institutions, mortgage and microfinance banks in the country to ensure that, effective June 1, 2012, daily cumulative free cash withdrawals and lodgements by individual and corporate customers do not exceed a maximum ceiling of N150, 000 and N1 million, respectively.
wow... thats a massive one there. so instead of carrying enormous cash around... al you need do to make that purchase would be to make a tranfer from your account to the recievers account.
more likely, it should easily help parents and students pay there school fees with so much ease, especially as they would not need to que at the banks anymore. I easily get discouraged at long ques and thanks to CBN things go better.
what about the corn seller at that orita merin junction , how will it affect him/her, would you need to drop your card number just to buy roastd plantain that cost 20 naira? maybe not....
whats your view...
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