An additional charge has been made for any Withdrawals and deposits transaction in Nigeria by individuals or corporate owners of bank accounts.

CBN of Nigeria’s stated these on a stand to encourage cashless policy and will take effect on September 18 in some of the states; Lagos, Kano, Rivers, Ogun, Anambra, Abia and Nigeria’s capital city Abuja. Making it know that it will be effective in all the state in Nigeria from 2020

Cash withdrawal by an individual from N500, 000 and above will attract 3% of the amount withdrawn while cash deposit of N500, 000 and above will attract 2% of the amount to be deposited.

5% processing fee will be imposed on cash withdrawals from N3 million and above from a corporate account while cash deposits attract 3% processing fee.

https://emmolyineblog.com/cbn-cashless-policy/

Which kind policy be dis? As in, to borrow person money and pay through bank, I will be charged? I doubt this cbn gov understands what he is saying. Pls where is this done all over the world

I deposit money into my account and you use same money for another transaction right in my presence, yet I should pay you for depositing into my account. Emiefele dey mad.

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TRIGITIS:
Which kind policy be dis? As in, to borrow person money and pay through bank, I will be charged? I doubt this cbn gov understands what he is saying. Pls where is this done all over the world

I deposit money into my account and you use same money for another transaction right in my presence, yet I should pay you for depositing into my account. Emiefele dey mad.

[/s]

TRIGITIS:
Which kind policy be dis? As in, to borrow person money and pay through bank, I will be charged? I doubt this cbn gov understands what he is saying. Pls where is this done all over the world

I deposit money into my account and you use same money for another transaction right in my presence, yet I should pay you for depositing into my account. Emiefele dey mad.

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?

Na transfers sure pass from now on. Can't remember when last I stood in the bank to make deposits/withdrawals.

CBN , una lie !!! You won't get a dime from me. Come to think of it , why will I make 500k withdrawal or 3m deposits when I'm not a Nigerian polician that move around with raw cash.

If you can't do transfers or POS , you're on your own .

this is a big chance for FINTECH to strive