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Nairaland Forum / Nairaland / General / Business / Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN (32223 Views)
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Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Omero(m): 9:22pm On Apr 27, 2017 |
hmmmmmmmm! |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by LionDeLeo: 9:23pm On Apr 27, 2017 |
0955eb027: What is MPR (to a layman)? And what exactly are they saying here, especially the emboldened? Thanks For local currency loans, the CBN says interest rates are negotiable but should reflect MPR. Thus, when banks want to charge you interest rate on loans it will be MPR plus XX%. Banks are also mandated to notify their customers 10 business days in advance whenever there is a rate change. For mortgage refinancing, the CBN says rates are negotiable subject to a maximum of MPR plus 5% This means those seeking mortgage loans can expect to pay at least 19%, based on the current MPR of 14%. For defaulters, the CBN places a maximum of 1% flat per month of unpaid amount in addition to charging current rate of interest on outstanding debt. Management fees charged on loans is limited to a maximum of 1% of the principal amount disbursed and should be a one-off charge. Facility Enhancement fee will attract a negotiable but subject to a maximum of 1% of the additional charge discharged. For example, if you collected a loan of N100m and decided to add an extra loan of N10m from the same bank under the same facility, the bank will only charge a maximum one-off fee of 1% of the N10 million. 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Idango(m): 9:27pm On Apr 27, 2017 |
The mortgage interest rate in Nigeria is still very high. 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by chikk(f): 9:29pm On Apr 27, 2017 |
They force us to go cashless, and then: For every withdrawal, we pay Deposit, we pay Even same bank transfer, we pay SMS alert, we pay ATM card, we pay Token for the transactions, we pay Someone should tell me why I should have my money banked when they charge me for virtually every thing...yet, I no see interest. Gtb is becoming the worst. Some days ago, they debited me 500 naira for nothing. I spent 300 naira to call them(because the stupid customer service kept me on hold for minutes on end), only for them to say I bought airtime from my account sometime last year and I wasn't debited then. So they are debiting me now. Gtb really Eco bank will keep sending you credit alert and your balance will be reducing Interest Credit = N10 Prev balance = N200 Avail balance = N190 Ecobank 200+10=190 There is God oo!! Pls, who has a living grand parent here? I need them to tell me how they saved their money in those days cos I'm tired of them banks. I no kuku get the money to give them sef plus, I don't trust my village people 9 Likes |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by uboma(m): 9:34pm On Apr 27, 2017 |
0955eb027: For real? |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by 0955eb027(m): 9:34pm On Apr 27, 2017 |
LionDeLeo:MPR means Monetary policy rate. It is reviewed every 3months by a group, consisting of 11memebers(dont know how they came about the members), but its chaired by the CBN Governor. It serves as benchmark to what interest rate banks could demand for loans they give out. So bank A cant just decide to give out loans with very little interest rate so as to win customers over, which in a way will be detrimental to bank B. 4 Likes |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Wiseandtrue(f): 9:34pm On Apr 27, 2017 |
smartty68:Okay thanks for the enlightenment. However the card maintenance is not clear to me. Let me get you right are you saying either there is transaction or not N50 will be charged monthly on master card 3 Likes |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by seniorkachion(m): 9:39pm On Apr 27, 2017 |
4.2% per annum on savings deposit. The same bank will charge 60% per month from small borrowers . |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Nobody: 9:40pm On Apr 27, 2017 |
okay. |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by 0955eb027(m): 9:46pm On Apr 27, 2017 |
uboma:Yeah, for real. You see, the CBN, being the apex bank brings out all this policies to guide the dealings of banks. That's why there aint much difference between bank A and bank B. If your bank does contrary to what the CBN instructs, and you start getting unexplainable debits/charges. All you have to do is forward complaints to the right department in rhe CBN, and the necessary action will be carried out. |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by LionDeLeo: 9:47pm On Apr 27, 2017 |
0955eb027: Thanks |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by gberra: 10:07pm On Apr 27, 2017 |
LionDeLeo:story! story! story!... & No be only layman you forgot to mention lameman but if its turn to use your koboko on wailers, then you'd understand professional jargon OP, I dey enjoy you like garri & sugar. Banks are the biggest cheats ever. Soon we would be paying hall charge & over-the-counter charges The smiling one 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by samuelezekiel(m): 10:08pm On Apr 27, 2017 |
Old news |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by oyienootieno: 10:23pm On Apr 27, 2017 |
sunshineV: Summary of the whole poo is your money is not safe anywhere. You keep it at home someone gets 5% just to whistle, take it to bank they will keep deducting from it for unexplainable services. 2 Likes 1 Share |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Teenaira: 10:27pm On Apr 27, 2017 |
What of POS ? What is the acquisition cost and the rates applicable per transaction and any other associated cost if any ? |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by LionDeLeo: 10:29pm On Apr 27, 2017 |
gberra: 1 Like 1 Share |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by sorextee(m): 10:52pm On Apr 27, 2017 |
Time to leave this country 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Rexnegro(m): 11:01pm On Apr 27, 2017 |
davide470:my broda The Thing tire me o...I got my gtb token for 2050 + 50 whatever charges they called it...making it 2100...just imagine for token that expires in 7years time 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by danigbo(m): 11:21pm On Apr 27, 2017 |
Your own bank. |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Mayflowa(m): 11:45pm On Apr 27, 2017 |
Xtaceeey: It seems you work in a bank. Do you know how this affect charges for wire transfer using your naira account. I was charged 60,000 naira by diamond and first bank to initiate wire transfer to US.I was so pissed. Who does that? |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by sunshineV(f): 12:32am On Apr 28, 2017 |
oyienootieno:but I don't have anything dat I can call money....can't even sub #25 airtel mid night plan |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by kenendo55(m): 1:09am On Apr 28, 2017 |
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Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by begwong: 3:16am On Apr 28, 2017 |
Rexnegro:Seems I was told my token will expire after 3years.... FBN |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Mannylex(m): 5:49am On Apr 28, 2017 |
Debit Cards has always been 1000 exclusive of vat, you eventually get debited 1050 vat inclusive. |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by gregor1: 6:01am On Apr 28, 2017 |
That's a good move in the right direction |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by bayulll011(m): 6:54am On Apr 28, 2017 |
smartty68: that's the flaw in the new policy its should be yearly Nd why are they promoting online transactions if there won't be any insentives. |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by megawax8: 7:01am On Apr 28, 2017 |
0955eb027: MPR is reviewed every 2 months. |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by Youngzedd(m): 7:09am On Apr 28, 2017 |
Olaide1295: Currently it's 105 NGN per transfer to other bank. 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by ebby9z(m): 7:33am On Apr 28, 2017 |
CBN will say they are encouraging something, yet they will be churning out policies that are in the opposite direction. Instead of reducing the price if token to encourage cashless banking, they are increasing the price to 3500 nawa 1 Like |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by oyienootieno: 8:04am On Apr 28, 2017 |
sunshineV: Then go in peace this policies has nothing to do with you for now.... yes for now because you go still hammer.. 3 Likes |
Re: Explaining The New Bank Charges, Lending And Deposit Rates Announced By The CBN by THErealWHEEZY: 9:02am On Apr 28, 2017 |
First bank will not like this latest development |
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