WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2011-07-23 Time: 13:00:01 Posted By: News Poster
By Rotimi Akinwumi
House of Representatives members, with grumbling and applause, on Thursday backed Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, on his plan to introduce Islamic banking and limit cash withdrawal from commercial banks daily.
By 9 a.m., protesters bussed in by Youth United for Nigeria (YUN) had gathered at the gate of the National Assembly (NASS), chanting anti-Sanusi songs, and hoisting placards asking the legislature to block Islamic banking.
Some of the placards read: “We say no to Islamisation of our financial system,” “Nigerians shine your eyes. This is jihad,” “Please, stop Sanusi now, before he breaks Nigeria.”
Sanusi’s arrival at about 11 a.m. threw the protesters into a frenzy and they increased the decibel of their abusive songs.
The atmosphere inside the Chamber was calmer, even as the body language of agitated members showed they were poised for a showdown with Sanusi.
The man told the lawmakers that the new banking policy will reduce industry cost-to-serve by 30 per cent and help tackle money laundering and terrorism, eliminate subsidy by 90 per cent, lower lending rates, and improve financial infrastructure.
He said individuals are not restricted to withdrawing N150,000 daily and corporate organisations to N1 million from banks, it only stipulates that withdrawal above the limits will attract a surcharge from June 2012.
This is to reduce the high cost of cash transaction, which hit N2 trillion in 2010. Direct cost of cash is projected at N200 billion by 2012.
From the total of N114.5 billion direct cost incurred in the financial system in 2009, N27.3 billion (24 per cent) was spent on cash in transit, N69.1 billion (67 per cent) on cash processing, and N18.1 billion (nine per cent), excluding the cost of infrastructure and employees’ cost attributable to cash logistics by the CBN and the 24 commercial banks.
Sanusi said the Bankers Committee will deploy Point of Sale (POS) terminals to address infrastructure challenges.
He disclosed that “Agreement has been reached with the telecommunication networks to provide dedicated channels for POS transaction data; non-acceptance of cards over POS due to interoperability impediments by service providers has been out-ruled with strict compliance.”
There are plans to roll out 100,000 POS by June 2012 and 375,000 by December 2015.
He confirmed that approval has been given in principle to 16 mobile payment service providers which have piloted the service for three months, the final evaluation is going on, and eventual licensing and targets will be closely monitored.
Section 33 and 47 of the CBN Act empowers it to issue guidelines to any person and retail cash collection and lodgement on any person or institution under its supervision, promote and facilitate the development of efficient and effective systems for the settlement of transactions.
Sanusi disclosed that former CBN Governor Chukwuma Soludo had in 2008 given approval for Nigeria’s full membership of the Islamic banking council.
He said those against Islamic banking system are only crying wolf because it is operated in over 435 institutions worldwide, including the United States, United Kingdom, Luxembourg, Bahrain, Malaysia, Singapore, South Africa, Kenya, Uganda, Senegal, and The Gambia.
The global assets of Islamic financial institutions amount to $1 trillion, with membership in African Central Banks in Nigeria, Zambia, Mauritius, and international organisations such as World Bank, International Monetary Fund (IMF), African Development Bank (ADB), and Islamic Development Bank (IDB).
After speaking for about an hour, the majority of lawmakers expressed satisfaction with Sanusi’s presentation and gave him a rousing applause.
However, some expressed concern over Islamic banking and the cash withdrawal policy, and blamed Deputy Speaker Emeka Ihedioha, who presided over plenary on Thursday, for denying them the opportunity to ask Sanusi questions on grey areas.
Ihedioha had told his colleagues that there would be no questions since the session was meant to educate them.
He also cowed those yearning to bombard Sanusi with questions on the grounds that House principal officers were in a hurry to attend the burial ceremony of Aliyu Dogondaji, NASS Commission Board Chairman, who died earlier in the day.
Those dissatisfied with Sanusi’s presentation insisted that a new date be fixed for him to be questioned on Islamic banking.
Original date published: 21 July 2011
Source: http://allafrica.com/stories/201107220885.html?viewall=1