CASH TRANSACTIONS - ABSURDITY AT ITS CLIMAX!

The recent decision by the Nigerian central bank to limit cash deposits and withdrawal for individuals (150.000) and corporate bodies (1,000,000) is a stupid idea that will never work. There is no where in the world were laws are made to compel people on how to handle the money they earned while doing their legitimate business. There are laws against money laundering, simply apply the law and stop making unintelligent decision that adds sorrows to a people who toil day and night to keep their feet on the ground. The CBN and its officials know those Nigerians especially politicians who are involved in corruption or money laundering, these moneybags are easy to identify because they live way above their official income. The CBN should rather engage in educating people on the advantages of using other means of payments instead of carrying large amount of cash on them. Individuals have the final decision on how or what they do with their money. Whoever muted this idea must be from another planet or the individual just smoked rug, imagine a country that has no steady power that facilitates electronic payments and control of bank cheques coming out to tell its people to stop making cash deposits and payments. Accepting this unwise decision is a sure way of surrendering our rights as individuals. Every right thinking Nigerian should rise up against laws like this.

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