Happy New Year in Nigeria??

1.       From Jan. 1, 2012, fuel prices have been increased from N65 to N141 per litre. A move that is going to ultimately result in the increment of EVERY other thing in the country.
2.       Lagos state has begun its journey to being ‘cashless’. The Central Bank of Nigeria with the backing of the government has passed a law made to reduce the use of cash to the barest minimum.
3.       PHCN is looking to increase the tariffs for electricity consumption.
4.       FRSC has burdened us with impending penalties for those who are yet to change their plate numbers to the new plates they introduced last year. That’s another N42,000 we are being made to pay when all these new plates feature is the new characters being in reverse and a map of Nigeria.
5.       Toll collecting at the Lekki plaza.

On Jan. 1, 2012, the Central Bank of Nigeria says a law has been made to reduce the use of cash drastically in Lagos state for starters. It has been said that in a bid to be like ‘advanced’ countries, they are looking to operate a cashless economy in Nigeria.

The penalty for carrying cash around now is some ridiculous percentage being taken by the bank when/if you decide pay it into one; this law does not only apply to companies or corporate bodies, because individuals too will be made to part with a sizeable chunk of their money should they want to deposit or withdraw any amount above N150,000 (individuals) and N1,000,000 (corporate bodies).

I think some of these policies are good and quite progressive, but you do not buy an extra tire before you own a car, or buy a ticket without first owning a visa.

With a country like ours, where people are majorly un-banked and do not care; is it sensible to now make it even worse for them to put their money in the said banks?
Will this not increase the amount of money that will be in circulation for even the ‘banked’ populace?

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