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Posts Tagged ‘bank’

CBN’s quest for a cashless economy

May 17, 2011 3 comments

independentngonline

The Central Bank of Nigeria (CBN) recently pegged a limit of daily cash withdrawal and lodgment with commercial banks by any individual and corporate customer to N150,000 and N1 million respectively, effective from June 1. This latest development, according to the apex financial regulatory authority is coming on the heels of increasing dominance of cash in the economy with its implication for cost of cash management to the banking industry, security, money laundering, among others. While some stakeholders said that the directive was in the right direction, others argued that the country has not developed enough for such policy. In this report, Group Business Editor, ROTIMI DUROJAIYE, samples the opinions of a cross-section of Nigerian and concludes that the CBN should be more creative in its drive towards cashless economy to avoid strangling the economy itself.

The banking regulatory authority, which disclosed the latest directive on April 28 in a circular entitled “Industry Policy on Retail Cash Collection and Lodgement,” signed by its Director of Currency Operations Department, Muhammad Nda, warned that individuals and corporate organisations that flout the limits would be charged penalty fees of N100 per thousand and N200 per thousand respectively.

CBN, which pointed out that the policy was adopted to reduce high usage of cash and  moderate the cost of cash management  as well as  encourage the use of electronic payment channels,  stated  that it took the decision in collaboration with the bankers’ committee.

It threatened to suspend any bank, payments scheme, processor, switching company or service provider that contravenes the policy for a Read more…

Secretive Plan For a Global Currency

March 22, 2011 Comments off

www.globalresearch

Excerpt from “The Global Economic Crisis: The Great Depression of the XXI Century”
by Ellen Brown ~ Global Research
The following is an excerpt of a chapter by Ellen Brown from the new book by Global Research Publishers, “The Global Economic Crisis: The Great Depression of the XXI Century.” 

Michel Chossudovsky
Andrew Gavin Marshall (editors)

 

 

Help us get the word out, “like” the book on Facebook, comment, and share with friends!

By acting together to fulfill these pledges we will bring the world economy out of recession and prevent a crisis like this from recurring in the future. We are committed to take all necessary actions to restore the normal flow of credit through the financial system and ensure the soundness of systemically important institutions, implementing our policies in line with the agreed G20 framework for restoring lending and repairing the financial sector. We have agreed to support a general SDR allocation which will inject $250bn into the world economy and increase global liquidity.– G20 Communiqué, London, April 2, 2009

Towards a New Global Currency?

Is the Group of Twenty Countries (G20) envisaging the creation of a Global Central bank? Who or what would serve as this global central bank, cloaked with the power to issue the global currency and police monetary policy for all humanity? When the world’s central bankers met in Washington in September 2008 at the height of the financial meltdown, they discussed what body might be in a position to serve in that awesome and fearful role. A former governor of the Bank of England stated:

The answer might already be staring us in the face, in the form of the Bank for International Settlements (BIS)… The Read more…

After the ecstasy of revolution, the Bankers quietly begin carving up Egypt and North Africa

February 26, 2011 Comments off

21stcenturywire.com

By Richard Eastman
21st Century Wire
Feb 25, 2011

The European Bank for Reconstruction and Development (EBRD) is ready to lend one billion EUROS a year to Egypt for reconstruction and “free-market reform”- even as Egypt’s Minister of Finance Samir Radwan has gone begging to the City of London bankers and the British Ministry of Trade and Investment  for relief on debt payments that are about to throw Egypt into bankruptcy.

All this, as Egypt has been such a good boy with regards to privatization and austerity, measures which awarded Egypt its celebrated 7 percent growth rate- mostly in investments that will end up in international hands as ventures fail to pay out with ever diminishing Egyptian domestic purchasing power.

FRESH CYCLES OF DEBT

First EBRD will lend at interest and build what they want backed by Egyptian collateral and the value of the projects themselves.  Then when it turns out they can’t make the debt payments because of all the interest we have sucked from them, we take over all of the assets we have developed.  That’s freedom and EBRD is really going to give it to them.  After all EBRD is  experienced at this.  In 1991 the EBRD was organized to financially lead  Russia and Eastern Europe in their transition from paternalistic socialism to sustainable  free-market economies open to international Read more…