Nigeria's Financial system - needs local but not relative modifications. We should learn to study our society before implementing our actions, and not buying ideas from the west where the society is stable and government provides infrastructure as needed.

1. NIGERIA’S PERENIAL HEADACHE – GOVERNMENT’S FAILURE TO BE PROACTIVE AND
RATIONAL IN POLICIES
What we should understand is that, certain principles about economics and accounting will only work in
a standard society where the masses are provided the basic necessities of life, where security is at least
guaranteed to an extent, where the government is accountable. Even if the trap is an economic
conspiracy to forcefully introduce cashless banking where almost everything is done with digital wallets
at Point of Sales, can our level of IT guarantee the safety of our credit/debit or whatever card u call it?
"No," because we don't even have standard geo-tracking system to track where a rerouted IP address
might originate nor a changed MAC address [for now, only US n some part of UK can boast of reverting
an original reversed MAC address]. The funny aspect is, even if our securities could fish out the IP or
MAC address in question, they are not equipped with the gadgets or the right forensic skills to locate the
physical locations where these cyber crimes are executed from. They fail to understand Yahoo-Yahoo is
a crime committed by those with fewer skills. Any good guy can shatter most databases in Nigeria from
anywhere.
Imagine that some of our top institutions that boast and parade professors in IT related fields have the
most porous web portals and weakest servers with vulnerable security systems. For the fact that you are
a principle professional that works according to the ethics required of you, you just take a look at the
database and all the stuff, laugh over their stupidity without altering anything and exit. I pray the league
of the angry youths experimenting their exploits with Nigeria as live test zone would not get pissed and
start crashing, sealing and altering databases to cause chaos or financial tsunami just to send a message
that our financial system cannot guarantee data integrity or trust as it claims.
The only thing I can say is a bit secured are securities in the form of jewelries or precious stones stored
in secured vaults in banks and u r given access through biometrics which Nigeria cannot boast of for
now. We are just backward. Imagine an experience that lead to a decision never to use my card for
anything online because I got it from Nigeria. I would rather pay someone some commission to use his
across oceans. These little IT boys have proved that even America is scared of them, not to talk of
Nigeria which is light years back. ...we are in trouble, complicated further with the fact that our
government keeps getting confused.
**for God's sake, can't these foolish eggheads at the financial apex (experienced as they claim - maybe
in financial stupidity, which is just simply reading and experimental-execution of baseless ideas in a LIVE
economy...) carry our surveys or sample opinions with the masses given top priority...haba!
Ok, check these 3 scenarios:
1. An established firewood or meat seller in northern Nigeria makes hundreds of thousands a
day...would u advice him to dig a hole and keep his excesses above the stipulated sum even when all
transactions are cash based?

2. 2. If 2000 labourers are hired in a central bank construction site and are due to be paid 3000naira at the
end of a week, it amounts 6,000,000 naira, and how would CBN withdraw the cash to pay these
account-less fellows?
3. A church like Christ Embassy or some Catholic churches that raise offerings in the range of millions on
a Sunday might decide to lodge an amount that exceeds the daily limit on a the next Monday morning.
Their banker(s) might refuse to accept such huge sum because of the new rules propelled by Nigeria’s
apex bank with respect to financial transactions. What would CBN tell God, if a bank refuses to keep
God's money and armed robbers attack the custodians of such huge cash? ...These thoughts just
destabilized me on my bed, I just pray for our leaders and Nigeria to wake up from these dreams.
…Even Pharaoh, David, Solomon in the Bible would consult someone like Joseph [not Sanusi oooo!] or
those closer to the masses to hear their ideas.... LEADERS Vs RULERS... For now, Nigeria is dominated
with the later. I only know that we would only add value if everyone would work hard, be transparent
and proactive, right from our rooms to where ever we find ourselves.