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

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CBN's New Policy On Cash Deposits: Nigerians React by CastedAyo: 2:06pm On Sep 18, 2019
Nigerians on Twitter have attacked the Central Bank of Nigeria (CBN) over its recent decision to increase charges on transactions.

Igbere TV had reported that the CBN, said customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy.

The objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.

CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges in a statement.

“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.

Reacting to the development, Nigerians are asking for the reason they need to pay an extra 2% when they deposit over N500,000 or pay 3% when they withdraw same; after paying account maintenance charges monthly, ATM maintenance charge, stamp duty charges and transaction charges when they ransfer to other banks.

http://igberetvnews.com/1002127/nigerians-react-to-cbns-new-policy-on-cash-deposits/

7 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by CastedAyo: 2:08pm On Sep 18, 2019

1 Like 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by JONNYSPUTE(m): 2:10pm On Sep 18, 2019
We can only react on social media. No action. If you don't want to be charged,do cashless transactions. Must we always react negatively all times?

42 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by Built2last: 2:10pm On Sep 18, 2019
Okay na

Meanwhile happening in Aso Rock

9 Likes 3 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by Doctorfitz: 2:12pm On Sep 18, 2019
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?

305 Likes 16 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by izzou(m): 2:13pm On Sep 18, 2019
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

336 Likes 38 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by naijadrivablog: 2:13pm On Sep 18, 2019
Doctorfitz:
Lols.withdraw 450k and come back for d balance

Like you dont handle big transactions that you just have to do over N500k.

7 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by valentineuwakwe(m): 2:31pm On Sep 18, 2019
if we like as nigerians, let us react till thy Kingdom comes....Nothing will happen!
Except the Senate and House of Rep Members are affected, then They will either suspend it..

17 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by mbos: 3:01pm 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?
ha ha ha ha hahhhhhhhhhhhhhhhhhhhh

3 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by DennisEche(m): 3:11pm On Sep 18, 2019
TILL THE DULLARD IS DONE KILLING THE ECONOMY THEN ALL OUR EYES GO CLEAR

17 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by MANNABBQGRILLS: 3:11pm On Sep 18, 2019
The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.
“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.
Mba, we no go gree lailai.

1 Like 3 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by flemsy15(m): 3:11pm On Sep 18, 2019
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

73 Likes 5 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by Kennitrust(m): 3:12pm On Sep 18, 2019
Since the emergencies of Buhari (jubril) as the presidents of Nigeria, I have always have the feeling that I'm in a different country.


Gej make withdrawal from other banks free but to bubu.... No!


Gej... Try to even bring down the price of fuel but bubu has taken our mind away from yesterday when everyone was able to smiles with the little they could do.














Buhari is a disaster!

85 Likes 5 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by Orissodiq: 3:13pm On Sep 18, 2019
Ook
Re: CBN's New Policy On Cash Deposits: Nigerians React by seunmohmoh(f): 3:13pm On Sep 18, 2019
Tr
Re: CBN's New Policy On Cash Deposits: Nigerians React by Kendumazy(m): 3:13pm On Sep 18, 2019
Mheen! Cashless policy! We haven't gotten there yet. With nonsense network from Bank app, with long queue and nonsense atms network, with delayed in payment transfer between banks atimes. Cbn should Chanel their energies to something else. They should work on cashless policy limitations first.

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14 Likes 4 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by abkrgumel(m): 3:13pm On Sep 18, 2019
My opinion you can quote me with your open mind too

Dear Nigerians
You have have to know that this is only apply to a Customer who will go to a bank to deposit/withdraw Cash(Note/legal tender), if you're Transacting using mobile banking/internet banking /ussd banking / POS and other means that aren't Cashing to teller THIS IS NOT Apply to you .
If nigeria cashless policy work correctly it will improve digital innovation in financial transactions technology, reduce all those queue in ATM and banking halls and non repudiated financial transaction

17 Likes 2 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by Nobody: 3:14pm On Sep 18, 2019
Same country pos fails

5 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by ArmaniUhuru: 3:14pm On Sep 18, 2019
The difference between the People of titanic and the people of Nigeria is that they knew they were sinking.



It’s a pity.

38 Likes 6 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by Duggedised12(f): 3:14pm On Sep 18, 2019
Ever played the next level of any game? Omo e dey always hard.

39 Likes 2 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by Goldencheese(m): 3:15pm On Sep 18, 2019
This govt is just pushing its damned luck too far. Any sensible govt wouldn't do this. It is well. Next level things.....





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5 Likes 1 Share

Re: CBN's New Policy On Cash Deposits: Nigerians React by sonnie10: 3:15pm On Sep 18, 2019
This is pure stealing

4 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by Ooye12: 3:15pm On Sep 18, 2019
Which day Nigerian citizen go get promo self

4 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by Olanipekun1: 3:15pm On Sep 18, 2019
[s]
post=82348843:

Mba, we no go gree lailai.
[/s]

16 Likes 4 Shares

Re: CBN's New Policy On Cash Deposits: Nigerians React by ForeThinker: 3:15pm On Sep 18, 2019
They do what they want because they knew we are powerless....

Will this provide jobs ?

2 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by owila4luv(m): 3:15pm On Sep 18, 2019
the government just want to drain the electorates. Make i here baba say him de fight for ordinary Nigerians again sad

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by mercyvivv(f): 3:16pm On Sep 18, 2019
grin

Some comments can just make you forget your problems for a minute!

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3 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by Royalfurnitures: 3:16pm On Sep 18, 2019
This policy is evil and should not be allowed to stand, first FG increased VAT, now CBN is coming up with this, they don't even care about the plight of the masses


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Re: CBN's New Policy On Cash Deposits: Nigerians React by NotNairalandi(m): 3:17pm On Sep 18, 2019
I don't know Nigerians and Chemical who react pass grin grin

5 Likes 2 Shares

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