SalamRushdie:
This is not a good time for this ...The CBN must do everything in its place to keep that banks active in the recession ..Alienating the cash based trading sector in these times is a no no ..not good

sunshyne20:


I do, as these tailors and mechanics are small business owners with basically less than a million as capital base, so they would be affected as well and much.
So this policy would be perfect if it also exempts SMEs as well,
Or include all federal agencies, revenue generating or not.

iluvdonjazzy:
oya com and slap me

989900:


The drift is, almost everyone now operating any form of business now has a bank account: why travel to the bank, wasting time, money, and resources to withdraw cash (not to mention the risk) when you can simply do bank transfer either on your device, the ATM, or worst case scenario in the banking hall?

Why carry excess cash with you (personally I just burn those like a possessed being when it's on me), when you can transfer to all those peeps (if there is nothing to hide)?

For how many reasonable reasons would you want to withdraw excess of N.5m and carry it on you, when your recipients can be transferred to (I practically encourage those around me to get an account)?

Even my ab0kis at Sabo, we do transfers.

This is 2017, even grannies use Android devices.

We don't all have to be stuck in the past because some people refuse to step up and upgrade.

BVN and IPPIS they said was a bad idea, how about now?

SIRmanjar:
Why enough northern states no dey dat list?So na southern states dem wan use shine now abi?If na to share money now or federal appointment dem states go top dat list..Confused country.

erico2k2:

Mark my word even cashless transaction comes at a cost or you forgot that bit.y not take away the stamp duty and introduce this one.

rose54321:
This will do the opposite, it will encourage people to hoard cash at home.

Next time OP, be consistent in your writing, you either stick to figures only, words only or words with respective figures in brackets.

- 7%
- seven percent
- seven percent (7%)

Your inconsistency makes the write up hard to follow.

nnofaith:
you still have N200 an below.

989900:
I support this policy neck, head, and shoulders.
It will help with 'paper trail' (didn't you lot wanted Buhari to check corruption with technology), reduce redundancy (time, effort, and e.t.c.), reduce cost of printing new notes, the benefits are endless.

We are ripe for this now, unlike when it was earlier introduced.

I pay my tailor, mechanic, 'almost' everybody through bank transfer, my businesses receive 97% of payments thru bank transfer too.

donfemo:
This is a very clueless policy indeed. We are trying to achieve a cashless policy, yet you are charged for making deposits which actually helps reduce the cash in circulation. If i will be charged for taking my Money to the bank, why take it to the bank?

Mjshexy:
There may not be need for banks anymore shikena

iluvdonjazzy:
CBN reintroduces charges on cash deposits, withdrawals
Published February 24, 2017
Share Tweet
by Taboola
Akinpelu Dada
The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.
This came about three years after the apex bank stopped the charges.
In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy .
It said the decision was taken at the Bankers’ Committee meeting , which held in Abuja two weeks ago.
The circular , signed by the Director, Banking and Payments System Department, CBN, Mr . Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.
It also directed that with effect from April 1 , 2017, banks in the states where the cashless policy was already operating , Lagos , Ogun , Anambra , Abia, Kano , Rivers and the Federal Capital Territory , would begin to impose charges on deposits and withdrawals above N 500 ,000 .
Banks will from that date begin to charge individuals 1 . 5 per cent and two per cent for deposits and withdrawals between N 500 ,000 and N 1 m .
According to the circular , individuals depositing or withdrawing between N 1 m and N 5 m will be charged two per cent and three per cent, respectively.
For amounts above N 5 m , banks will charge such individuals three per cent and 7 . 5 per cent for deposits and withdrawals, respectively.
With regard to corporate customers, the CBN stated that deposits and withdrawals under N 3 m would not attract any charge , but that such customers depositing or withdrawing between N 3 m and N 10 m would be charged two per cent and five per cent, respectively.
Also for deposits and withdrawals between N 10 m and N 40 m , customers will be charged three per cent and 7 . 5 per cent, respectively . Deposits or withdrawals above N 40 m by corporate customers will attract a charge of five per cent and 10 per cent, respectively .
According to the CBN , the new policy on charges will be implemented in selected states on May 1 and August 1 , this year ; while the total implementation will be concluded on October 1 .
The regulator noted that the committee agreed that income generated from the processing fees above the allowable cash limits would be shared between it and the banks in the ratio of 40 : 60 .
However, the CBN said that existing exemptions to the policy such as revenue generating agencies of the federal , state and local governments (for lodgements ) will be sustained . Also exempt from the processing fees are embassies , diplomatic missions , multilateral and aid agencies.
The CBN directed lenders to train their employees to enlighten customers on the new policy .

http://punchng.com/cbn-reintroduces-charges-cash-deposits-withdrawals/

gocac:
this is another ploy by Buhari to deal with the south.... no single northern state is included. useless Govt and CBN.. as You increase the suffering of Nigerians.... God will keep you lying down in your London Aso rock idiot....

989900:


The drift is, almost everyone now operating any form of business now has a bank account: why travel to the bank, wasting time, money, and resources to withdraw cash (not to mention the risk) when you can simply do bank transfer either on your device, the ATM, or worst case scenario in the banking hall?

Why carry excess cash with you (personally I just burn those like a possessed being when it's on me), when you can transfer to all those peeps (if there is nothing to hide)?

For how many reasonable reasons would you want to withdraw excess of N.5m and carry it on you, when your recipients can be transferred to (I practically encourage those around me to get an account)?

Even my ab0kis at Sabo, we do transfers.

This is 2017, even grannies use Android devices.

We don't all have to be stuck in the past because some people refuse to step up and upgrade.

BVN and IPPIS they said was a bad idea, how about now?

iluvdonjazzy:
CBN reintroduces charges on cash deposits, withdrawals
Published February 24, 2017
Share Tweet
by Taboola
Akinpelu Dada
The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.
This came about three years after the apex bank stopped the charges.
In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy .
It said the decision was taken at the Bankers’ Committee meeting , which held in Abuja two weeks ago.
The circular , signed by the Director, Banking and Payments System Department, CBN, Mr . Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.
It also directed that with effect from April 1 , 2017, banks in the states where the cashless policy was already operating , Lagos , Ogun , Anambra , Abia, Kano , Rivers and the Federal Capital Territory , would begin to impose charges on deposits and withdrawals above N 500 ,000 .
Banks will from that date begin to charge individuals 1 . 5 per cent and two per cent for deposits and withdrawals between N 500 ,000 and N 1 m .
According to the circular , individuals depositing or withdrawing between N 1 m and N 5 m will be charged two per cent and three per cent, respectively.
For amounts above N 5 m , banks will charge such individuals three per cent and 7 . 5 per cent for deposits and withdrawals, respectively.
With regard to corporate customers, the CBN stated that deposits and withdrawals under N 3 m would not attract any charge , but that such customers depositing or withdrawing between N 3 m and N 10 m would be charged two per cent and five per cent, respectively.
Also for deposits and withdrawals between N 10 m and N 40 m , customers will be charged three per cent and 7 . 5 per cent, respectively . Deposits or withdrawals above N 40 m by corporate customers will attract a charge of five per cent and 10 per cent, respectively .
According to the CBN , the new policy on charges will be implemented in selected states on May 1 and August 1 , this year ; while the total implementation will be concluded on October 1 .
The regulator noted that the committee agreed that income generated from the processing fees above the allowable cash limits would be shared between it and the banks in the ratio of 40 : 60 .
However, the CBN said that existing exemptions to the policy such as revenue generating agencies of the federal , state and local governments (for lodgements ) will be sustained . Also exempt from the processing fees are embassies , diplomatic missions , multilateral and aid agencies.
The CBN directed lenders to train their employees to enlighten customers on the new policy .

http://punchng.com/cbn-reintroduces-charges-cash-deposits-withdrawals/