{"id":433100,"date":"2011-05-31T06:29:04","date_gmt":"2011-05-31T06:29:04","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/31\/falae-flays-cbn%e2%80%99s-order-on-n150000-cash-withdrawal\/"},"modified":"2011-05-31T06:29:04","modified_gmt":"2011-05-31T06:29:04","slug":"falae-flays-cbns-order-on-n150000-cash-withdrawal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/","title":{"rendered":"Falae flays CBN\u2019s order on N150,000 cash withdrawal"},"content":{"rendered":"
\n

By DAYO JOHNSON
Akure\u2014 Former Finance Minister and Secretary to the Government of the Federation, SGF, Chief Olu\u00a0 Falae, yesterday, faulted the new policy\u00a0 by the Central Bank of Nigeria, CBN, limiting cash withdrawal from bank by individuals to N150,000 and threatened to challenge the policy in the court of law.<\/p>\n

Speaking with newsmen in Akure, Chief\u00a0 Falae, who described the policy as \u201darrant nonsense\u201d declared that the new policy was not only a farce but unrealistic.<\/p>\n

According to him, the policy \u201cis an infringement on the fundamental right of every Nigerian.\u201d
Falae, who noted that the action of the apex bank was challengeable in court, added, \u201c\u00cd am ready to drag the CBN to court over its unconstitutional step.\u201d<\/p>\n

\"\"<\/p>\n

Sanusi Lamido<\/p>\n<\/div>\n

He pointed out that \u201climiting cash withdrawal could not be achieved with such decree forcing people to comply with CBN directive but the CBN should pursue financial and fiscal policy that would encourage the use of cheque.\u201d<\/p>\n

Falae said, \u201dI think the whole policy is unnecessary, it is all nonsense because we are in a democracy and the money I put in the bank is my personal property.<\/p>\n

\u201dNo Central Bank has the right to tell how much of my money I can withdraw at any point in time.<\/p>\n

\u201cThe constitution guarantees the right of owning property, how can a governor of the central bank or the government abridge my right given to me by the constitution of the country? The money in the bank is your money; you do whatever you like with it.<\/p>\n

\u201cIt is for the central bank to pursue a financial and fiscal policy that will encourage the use of cheques. It is a complete military mentality to be done like a decree to force such policy on Nigerians.<\/p>\n

\u201cIt is unacceptable. You can pursue policy that will encourage people to deposit cheque and use less of cash, not by decree or by force.<\/p>\n

\u2018The money is my property nobody can tell me how much of my money I can spend per day. I know that too much cash create a lot of problems but you don\u2019t because of that infringe on my right. It is unnecessary and it won\u2019t work\u201d.<\/p>\n

Falae however urged President Goodluck Jonathan to re- create confidence across the nation, end the killings and the instability and adopt a national development programme.<\/p>\n

He noted that \u201cNigeria cannot be an investment haven if the killings in some northern states and part of Niger Delta is not addressed.
\u2018President Goodluck Jonathan must address the mindless killings going in some part of the country for a long time. We cannot continue to butcher people like goat and we can be regarded as a country noted for peace.<\/p>\n

\u201cThe act of barbarian in some states in the North should be addressed with all seriousness. No investor will want to come to this country because of these killings. They will think Nigeria is unsafe for business\u201d.<\/p>\n

The Former Minister added that there is\u201d the need for Mr. President to address the crisis of confidence which had been created by wide spread violence that followed the last election, adding that the killings that took place had shattered confidence within the nation.<\/p>\n

\u201cThe president needed to re-build total confidence across the nation, so that people can have confidence in his administration.\u2019 The primary task of Mr. President is to ensure that he re-builds people\u2019s confidence in his administration, we cannot begin to develop and grow if there is no trust\u201d END<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

View post:
\nFalae flays CBN\u2019s order on N150,000 cash withdrawal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By DAYO JOHNSON Akure\u2014 Former Finance Minister and Secretary to the Government of the Federation, SGF, Chief Olu\u00a0 Falae, yesterday, faulted the new policy\u00a0 by the Central Bank of Nigeria, CBN, limiting cash withdrawal from bank by individuals to N150,000 and threatened to challenge the policy in the court of law. Speaking with newsmen in Akure, Chief\u00a0 Falae, who described the policy as \u201darrant nonsense\u201d declared that the new policy was not only a farce but unrealistic. According to him, the policy \u201cis an infringement on the fundamental right of every Nigerian.\u201d Falae, who noted that the action of the apex bank was challengeable in court, added, \u201c\u00cd am ready to drag the CBN to court over its unconstitutional step.\u201d Sanusi Lamido He pointed out that \u201climiting cash withdrawal could not be achieved with such decree forcing people to comply with CBN directive but the CBN should pursue financial and fiscal policy that would encourage the use of cheque.\u201d Falae said, \u201dI think the whole policy is unnecessary, it is all nonsense because we are in a democracy and the money I put in the bank is my personal property<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-433100","post","type-post","status-publish","format-standard"],"yoast_head":"\nFalae flays CBN\u2019s order on N150,000 cash withdrawal - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Falae flays CBN\u2019s order on N150,000 cash withdrawal - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By DAYO JOHNSON Akure\u2014 Former Finance Minister and Secretary to the Government of the Federation, SGF, Chief Olu\u00a0 Falae, yesterday, faulted the new policy\u00a0 by the Central Bank of Nigeria, CBN, limiting cash withdrawal from bank by individuals to N150,000 and threatened to challenge the policy in the court of law. Speaking with newsmen in Akure, Chief\u00a0 Falae, who described the policy as \u201darrant nonsense\u201d declared that the new policy was not only a farce but unrealistic. According to him, the policy \u201cis an infringement on the fundamental right of every Nigerian.\u201d Falae, who noted that the action of the apex bank was challengeable in court, added, \u201c\u00cd am ready to drag the CBN to court over its unconstitutional step.\u201d Sanusi Lamido He pointed out that \u201climiting cash withdrawal could not be achieved with such decree forcing people to comply with CBN directive but the CBN should pursue financial and fiscal policy that would encourage the use of cheque.\u201d Falae said, \u201dI think the whole policy is unnecessary, it is all nonsense because we are in a democracy and the money I put in the bank is my personal property\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/vml1.s3-website-us-east-1.amazonaws.com\/wp-content\/uploads\/2011\/05\/SANUSI1.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Falae flays CBN\u2019s order on N150,000 cash withdrawal\",\"datePublished\":\"2011-05-31T06:29:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/\"},\"wordCount\":614,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/vml1.s3-website-us-east-1.amazonaws.com\/wp-content\/uploads\/2011\/05\/SANUSI1.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/05\/31\/falae-flays-cbns-order-on-n150000-cash-withdrawal\/\",\"name\":\"Falae flays CBN\u2019s order on N150,000 cash withdrawal - 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