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CBN's New Policy On Cash Deposits: Nigerians React - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN's New Policy On Cash Deposits: Nigerians React (58388 Views)

CBN Suspends Processing Fees On Large Cash Deposits / First Bank Accepts CBN New Board As Adeduntan Resumes / CBN New Policy On Cryptocurrency: What You Should Know (2) (3) (4)

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Re: CBN's New Policy On Cash Deposits: Nigerians React by aycapri(m): 3:27pm On Sep 18, 2019
That is what you guys voted for nah, vision 2020 my foot....
Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:27pm On Sep 18, 2019
YOU GUYS REFUSE TO TELL THE GULLIBLE MAN IN THE OFFICE NOT TO TAKE TRAMADOL BEFORE RESUMING OFFICE
Re: CBN's New Policy On Cash Deposits: Nigerians React by biosystech: 3:27pm On Sep 18, 2019
izzou:
grin
While CBN is charging you 2% for deposits over 500k, FIRS is warming up to charge you for internet transactions

VAT is warming up to be 7.2%

Minimum wage still no enter 100$

Issokay grin

By 2023, all of us will be alllllllrrrriiiiggghhhhhttt


Haq Haq Haq
7.5% and not 7.2% as earlier said.
Re: CBN's New Policy On Cash Deposits: Nigerians React by Denique(f): 3:28pm On Sep 18, 2019
izzou:
grin
While CBN is charging you 2% for deposits over 500k, FIRS is warming up to charge you for internet transactions

VAT is warming up to be 7.2%

Minimum wage still no enter 100$

Issokay grin

By 2023, all of us will be alllllllrrrriiiiggghhhhhttt


Haq Haq Haq
They will soon know "waris gorin hon eventuarry" grin

Re: CBN's New Policy On Cash Deposits: Nigerians React by Tonymegabush1(m): 3:29pm On Sep 18, 2019
Pls na cash transaction CBN is after, if you feel you dont want to be charged such lodge ur cash in 200k or 300k

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by Cutehector(m): 3:29pm On Sep 18, 2019
How many people here perform transactions more than 500k? Even those having only 1k in there account will be complaining.

5 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:30pm On Sep 18, 2019
Forward never.
Backwards ever.
Corruption for ever and ever.
Re: CBN's New Policy On Cash Deposits: Nigerians React by cassbeat(m): 3:30pm On Sep 18, 2019
post=82348843:

Mba, we no go gree lailai.
Bro i know u to be a staunch supporter of buhari and his cohorts so deal with this

Re: CBN's New Policy On Cash Deposits: Nigerians React by pocohantas(f): 3:30pm On Sep 18, 2019
izzou:
grin
While CBN is charging you 2% for deposits over 500k, FIRS is warming up to charge you for internet transactions

VAT is warming up to be 7.2%

Minimum wage still no enter 100$

Issokay grin

By 2023, all of us will be alllllllrrrriiiiggghhhhhttt


Haq Haq Haq

Onye ara
Re: CBN's New Policy On Cash Deposits: Nigerians React by wabbyland(m): 3:30pm On Sep 18, 2019
BlueRayDick:
But the policy says cash withdrawal and deposits amounting to 500k or more now

The policy is straight and simple.

What it is saying is that if u want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay u 500k don't collect it since u know u can't keep it in the house but will take it to bank who will then charge u for the deposit. Instead, tell the person to use Ur POS or transfer to Ur account or they pay u tru USSD.

This way, the cashless policy will be implemented.

Why person go withdraw 500k cash for this present age? Who u wan use am pay wey no get account?

Except I'm missing something here o

what about the endless bank fees for transfers, maintenance etc? after transferring to and from, won't I need to withdraw for business, hospital payment and many other things? this government is just deliberately sucking people of their hard-earned money.
Re: CBN's New Policy On Cash Deposits: Nigerians React by Angelfrost(m): 3:31pm On Sep 18, 2019
Doctorfitz:
Lols.withdraw 450k and come back for d balance

Una never see anything.. Next level...

Country weh fit vote buhari ,vote tacha.na country b that?

Chief, I stopped taking Nigerians serious a long time ago, especially those that rant online.

Leave them to be making noise upandan. Instead of them to tighten their belts for the next level they brought upon themselves.
Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:31pm On Sep 18, 2019
God pls teach me how to hack any bank
Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:31pm On Sep 18, 2019
izzou:
grin
While CBN is charging you 2% for deposits over 500k, FIRS is warming up to charge you for internet transactions

VAT is warming up to be 7.2%

Minimum wage still no enter 100$

Issokay grin

By 2023, all of us will be alllllllrrrriiiiggghhhhhttt


Haq Haq Haq

This what happens in a country where people dont pay taxes or the tax authorities are too lazy to go after people who dont pay tax
Re: CBN's New Policy On Cash Deposits: Nigerians React by 9jatriot(m): 3:31pm On Sep 18, 2019
This does not affect online transfers so why the halabolo Even people when non get 50k for account de shout "Enjoy your next level".

The policy is to discourage the use of cash. Why on earth would anyone want to move physical half a million with all the security challenges if the transaction is not under duress or not a clean one.

2 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by BlueRayDick: 3:32pm On Sep 18, 2019
airsaylongcon:


And when all these alternate channels decide to fail simultaneously as is the norm? And u are stuck trying to tell Emeka in computer Village that you really want to buy the iPhone 11

So u mean u will take over 500k in cash to computer village to buy iphone 11? Like seriously?

Even if u want to, this new policy will make Emeka reason that it won't be a wise decision to collect over 500k in cash from you since he will be charged by the bank when he decides to lodge it in his account. Hence, he will insist u make transfer or use POS.

3 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by pocohantas(f): 3:35pm On Sep 18, 2019
Cutehector:
How many people here perform transactions more than 500k? Even those having only 1k in there account will be complaining.

See them. Here to defend their employers.

3 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:37pm On Sep 18, 2019
post=82348843:

Mba, we no go gree lailai.
Beta gree because na una put us for dis kasala
Re: CBN's New Policy On Cash Deposits: Nigerians React by airsaylongcon: 3:37pm On Sep 18, 2019
BlueRayDick:


So u mean u will take over 500k in cash to computer village to buy iphone 11? Like seriously?

Even if u want to, this new policy will make Emeka reason that it won't be a wise decision to collect over 500k in cash from you since he will be charged by the bank when he decides to lodge it in his account. Hence, he will insist u make transfer or use POS.

I'm asking. Haven't u used POS and it fails? Switch to Internet banking and it fails? And even if you do transfer from zenith to gtbank e no dey go until one hour after? Emeka will prefer you withdraw the cold 500k from Zenith for him to sharperly go and pay into his GT instead of all the POS and "Transfer" wàhálà

2 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by BlueRayDick: 3:37pm On Sep 18, 2019
wabbyland:


what about the endless bank fees for transfers, maintenance etc? after transferring to and from, won't I need to withdraw for business, hospital payment and many other things? this government is just deliberately sucking people of their hard-earned money.

Baba hospital get account wey u fit transfer to now.
Ur business partner sef get account wey u fit transfer to. The policy is expecting u to have cash less than 500k which obviously can take care of groceries, bus fare, uber, and some other day to day needs now.

The goal is to encourage u to use alternative channels for transactions na.

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by brownbib(m): 3:38pm On Sep 18, 2019
Resolutions of NEXT LEVEL.
Re: CBN's New Policy On Cash Deposits: Nigerians React by bizhop01: 3:42pm On Sep 18, 2019
What will happen to cashless policy?
Re: CBN's New Policy On Cash Deposits: Nigerians React by owowa145(m): 3:42pm On Sep 18, 2019
BlueRayDick:
But the policy says cash withdrawal and deposits amounting to 500k or more now

The policy is straight and simple.

What it is saying is that if u want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay u 500k don't collect it since u know u can't keep it in the house but will take it to bank who will then charge u for the deposit. Instead, tell the person to use Ur POS or transfer to Ur account or they pay u tru USSD.

This way, the cashless policy will be implemented.

Why person go withdraw 500k cash for this present age? Who u wan use am pay wey no get account?

Except I'm missing something here o
U are talking as if we are at dat level yet. As if the Internet of Things (IOT) is in perfect consideration. As if the needed facilities are well in place. That was how pple suggested the government should chase foreign firms away as if there is sufficient investments in place to employ pple. Lets be guided pls.
Re: CBN's New Policy On Cash Deposits: Nigerians React by AFONJAPIG(m): 3:42pm On Sep 18, 2019
Why are they wailing We are not even in half quarter of Next Level and they have started wailing already... Unah never see something, sai barbar till 2055 angry grin cheesy
Re: CBN's New Policy On Cash Deposits: Nigerians React by izzou(m): 3:44pm On Sep 18, 2019
BlueRayDick:
But the policy says cash withdrawal and deposits amounting to 500k or more now

The policy is straight and simple.

What it is saying is that if u want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay u 500k don't collect it since u know u can't keep it in the house but will take it to bank who will then charge u for the deposit. Instead, tell the person to use Ur POS or transfer to Ur account or they pay u tru USSD.

This way, the cashless policy will be implemented.

Why person go withdraw 500k cash for this present age? Who u wan use am pay wey no get account?

Except I'm missing something here o

https://www.google.com/amp/s/punchng.com/firs-imposes-vat-on-online-transactions-january/amp/

Oh yes. You are missing alot

Read that link, and explain again if the CBN and FIRS are making common sense together

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by Spechialone(f): 3:44pm On Sep 18, 2019
Here we go again
Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:46pm On Sep 18, 2019
Please confirm this doesn't affect transfers
Re: CBN's New Policy On Cash Deposits: Nigerians React by BlueRayDick: 3:46pm On Sep 18, 2019
owowa145:

U are talking as if we are at dat level yet. As if the Internet of Things (IOT) is in perfect consideration. As if the needed facilities are well in place. That was how pple suggested the government should chase foreign firms away as if there is sufficient investments in place to employ pple. Lets be guided pls.

Did u read the cbn circular?

There are about 6 states or thereabouts to be used as pilot survey for the first few months before it's adopted nationwide by March 2020.

If the implementation is not feasible as u most people want to claim then they can decide to shelve the plan.
Re: CBN's New Policy On Cash Deposits: Nigerians React by Edyice: 3:47pm On Sep 18, 2019
Buhari will be like ( in buharis voice) :. Osinbade our NEXT LEVEL furlicy (policy ) will finish this lazy youth grin grin

Re: CBN's New Policy On Cash Deposits: Nigerians React by Stillthebest: 3:48pm On Sep 18, 2019
Doctorfitz:
Lols.withdraw 450k and come back for d balance

Una never see anything.. Next level...

Country weh fit vote buhari ,vote tacha.na country b that?

In fact, you get sense.
Re: CBN's New Policy On Cash Deposits: Nigerians React by izzou(m): 3:48pm On Sep 18, 2019
9jatriot:
This does not affect online transfers so why the halabolo Even people when non get 50k for account de shout "Enjoy your next level".

The policy is to discourage the use of cash. Why on earth would anyone want to move physical half a million with all the security challenges if the transaction is not under duress or not a clean one.

https://www.google.com/amp/s/punchng.com/firs-imposes-vat-on-online-transactions-january/amp/

Educate yourself

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by abuhari: 3:50pm On Sep 18, 2019
Very bad decision,
This government never calculate fact and figures before implementing their decision, possibly they forget our people from rural areas and much of those places no any bank and you most pay cash.


All is well
Re: CBN's New Policy On Cash Deposits: Nigerians React by alphaNomega: 3:50pm On Sep 18, 2019
flemsy15:
so for a withdrawal of 500K, I need to keep aside raw 15K to give Nigerian government that doesn't even care how I make my money after paying other Levie and tax in making d money

Your post just echoed my mind. This is ridiculous.

CBN is running the bank like an extortionist outfit. They have certain accounts they are targeting but they always miss and hit the little guys like us.

1 Like

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