The Central Bank of Nigeria, CBN, Thursday, reintroduced charges on cash deposits in banks after its' 493rd meeting with the Banker's committee, This would take effect at different dates in different parts of the country. Director, Banking and Payments Systems Department, Mr. Dipo Fatokun, announced this in a circular entitled: “Circular on nationwide implementation of the cashless policy.”
The circular stated: “Charges for cash deposit by individuals are as follows: Less than N500,000, zero charge; from N500,000 to N1 million, 1.5 per cent; from N1 million to N5 million, two per cent charge; above N5 million, 3 per cent charge.
Charges for cash withdrawal by individuals are as follows: Less than N500,000, zero charge; From N500,000 to N1 million, two per cent; from N1 million to N5 million, 3 per cent charge; above N5 million, 7.5 per cent charge.
Charges for corporate cash deposit are as follow: Less than N3 million, zero charge; from N3 million to N10 million, two per cent; from N10 million to N40 million, three per cent; above N40 million, five per cent. “Charges for corporate cash withdrawal are as follows: Less than N3 million, zero charge; from N3 million to N10 million, five per cent; from N10 million to N40 million, 7.5 per cent; above N40 million, 10 per cent.
The new charges is scheduled to take effect from April 1 2017, in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1, 2017 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau.
See gobe
ReplyDeleteThis one no concern me....I get 500,000 naira?
DeleteMeanwhile, check out the 5 lies women tell when their marriage crashes
Well, I think its a step ahead in promoting cashlessness by discouraging deposits and withdrawal. So it's a good one.
DeleteLong live LIB
Ookay
ReplyDelete...merited happiness
Hmmmm issorait o
DeleteMtsheeew
ReplyDeleteThunder go fire Una .... Chair Nigeria ooo
ReplyDeleteThis policy is an economic stealing from the already suffering populace and brutally drowning the meager wealths of the southerns.
ReplyDeleteThieves... Ponzi scheme people
ReplyDeleteCBN should stop chasing shadows, They should be more interested in the exchange rate and not in increasing our pains......
ReplyDeleteShwo! What kind of government is this?
ReplyDeleteAfter this one, you'll now collect VAT, Withholding Tax, etc etc.
No need to put money in the bank again o..
They will still reverse it back soon because it's gonna affect theirtransaction specifically.
ReplyDelete#Next
They will still reverse it back soon because it's gonna affect theirtransaction specifically.
ReplyDelete#Next
Not bad.
ReplyDeleteThey shud just kill nigerians
ReplyDeleteHmmm, issorait oooo
ReplyDeleteSo this means that if I want to withdraw 500,000.00 naira from my account I will be charged like 13k? Kolewerk o!
ReplyDeleteThere will be changes in money demand and money supply, hope Naija bank's won't crash
ReplyDeleteThis does not really make sense to me at all. I just calculated 1.5% of 500k on deposit now, it gives me N7,500 and 2% of N500k gives N10,000. So bank will take N17,500 from my money just becos i save and withdraw N500k from my account? That is silly. What if it's ny house rent i saved? So whenever i want to pay my landlord i have to add N17,500 to make up for the bank charges. This is crazy. They should simply tell us they dont want us to save in the bank anymore or they think it's everyone that have access to Dasuki's money?
ReplyDeleteLet see how this will play out. Don't think it is bad start. We have to seriously start moving away from doing lots of cash transactions that is stressful for the customer and the bank and quickly migrate to electronic transactions. If you have been doing transfer transactions, you will agree that despite the imperfections is cooler,easier and cheaper. Cheaper bcos u don't need cost transportation to do a transaction. From home or office u are good to go.
DeleteYou can make a bank transfer and you'll only be charged for the transfer depending on how much your bank charges.
DeleteDon't say what you dont know. If I have an FMCG business where people come in and buy small items with cash then at the end of the day my turnover is N500K. So bank will charge me 7,500 just to deposit my sales into account? How much is the profit on the 500k. Little above 20k. Then which money will be used to run the business?? They will just kill businesses. Or we rather all just work for the bank
DeleteSTUPID COUNTRY
ReplyDelete-D great anonymous now as Vivian Reginalds
I luv diz idea...
ReplyDeletePple here seems dey dnt read well
It states cash deposits(500k nd above ) attract charges...that's a good 1.
Banks can neva crash,cashless has been existing,cashless is still very active on cash withdrawal...while most talk here coz u folks dont do transaction up to 500k
Thumbs up cbn on dat!