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CBN's New Policy On Cash Deposits: Nigerians React - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN's New Policy On Cash Deposits: Nigerians React (57900 Views)

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Re: CBN's New Policy On Cash Deposits: Nigerians React by OlawaleBammie: 4:18pm On Sep 18, 2019
u re missing many tins, in my line of business u dont hav options, u just hav to withdraw it ni, not even thousands, its in millions, but i bet it wit u dat d millions u withdraw wont last 2days in ur house as u wil hav disbursed it to d appropriate qtrs. majority of people u want to giv dis money to are in d bush, are u telling me its d alert on der fon dey wil b spending in d bush??

Not all of us lives in lagos oga.
Re: CBN's New Policy On Cash Deposits: Nigerians React by OlawaleBammie: 4:20pm On Sep 18, 2019
BlueRayDick

u re missing many tins, in my line of business u dont hav options, u just hav to withdraw it ni, not even thousands, its in millions, but i bet it wit u dat d millions u withdraw wont last 2days in ur house as u wil hav disbursed it to d appropriate qtrs. majority of people u want to giv dis money to are in d bush, are u telling me its d alert on der fon dey wil b spending in d bush??
Not all of us lives in lagos oga.

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by 9jatriot(m): 4:20pm On Sep 18, 2019
izzou:


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

Educate yourself
If you do not know the difference between VAT, online transfers and online transactions then you perhaps are the one who should educate himself.
Re: CBN's New Policy On Cash Deposits: Nigerians React by Emotionss: 4:20pm On Sep 18, 2019
[color=#006600][/color]
abkrgumel:
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

Shebi you know that you need Internet for cashless transactions ? And with the new Internet tax and online transactions vats you still get to pay some money for a successful transfer ?

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by TIBLOSMITH(m): 4:23pm On Sep 18, 2019
I think the time has come for us to patronise save builders.
Re: CBN's New Policy On Cash Deposits: Nigerians React by viewflux(m): 4:26pm On Sep 18, 2019
If we talk from now till 2023, nothing will happen. The youths of Hong Kong did not come to social media to complain about bad policy, they matched out into the street.....
Let us continue to be docile to government evil policy.

2 Likes

Re: CBN's New Policy On Cash Deposits: Nigerians React by izzou(m): 4:28pm On Sep 18, 2019
9jatriot:

If you do not know the difference between VAT, online transfers and online transactions then you perhaps are the one who should educate himself.

I usually don't like to do this, but I just have this soft spot for you

Not educate yourself on VAT, and solve the puzzle grin

Re: CBN's New Policy On Cash Deposits: Nigerians React by guass(m): 4:33pm On Sep 18, 2019
CastedAyo:
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/
THIS POLICY CONFLICTS WITH THE CASHLESS POLICY BECAUSE IT TENDS TO DISCOURAGE PEOPLE FROM CARRYING HUGE FUNDS TO THE BANKS FOR FEAR OF 5%.
Re: CBN's New Policy On Cash Deposits: Nigerians React by Abbeynigeria: 4:42pm On Sep 18, 2019
Nigeria and Nigerians are very difficult Nation and people to manage. These charges are optional, only payable when you make cash deposits or withdrawals within these thresholds. Nigerians will not comply without some forms of fines/penalties attached. To me, this is the way to go if we want to embrace the cashless society we want.
Re: CBN's New Policy On Cash Deposits: Nigerians React by dayoyak: 4:42pm On Sep 18, 2019
Kilode gan........
Re: CBN's New Policy On Cash Deposits: Nigerians React by 9jatriot(m): 4:43pm On Sep 18, 2019
Thanks for the soft spot.
The image shows payment for goods will be VATed which is correct. That means when you buy items from JUmia, Konga etc, VAT will be applied but I am not aware that online transfers between individuals or corporations will be VATed, if you have a contrary evidence, I am happy to learn.
izzou:


I usually don't like to do this, but I just have this soft spot for you

Not educate yourself on VAT, and solve the puzzle grin

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by Prectega(m): 4:47pm On Sep 18, 2019
post=82348843:

Mba, we no go gree lailai.

I thought u are lover of buhari or what happened oga barbecue
Re: CBN's New Policy On Cash Deposits: Nigerians React by Ruggedniggaone: 4:51pm On Sep 18, 2019
samirus:

You have always been the favorite fan of this administration.. I think you can see we are in one chance now
how does that affect him where is he going to get 500k is it from the 30k stipend he is collecting every month or from dead meat business

1 Like

Re: CBN's New Policy On Cash Deposits: Nigerians React by piagetskinner(m): 4:58pm On Sep 18, 2019
Wicked country
Re: CBN's New Policy On Cash Deposits: Nigerians React by justdollars: 5:01pm On Sep 18, 2019
Your head dey dere. Very correct.

Imagine the guy I buy provision from close to 80k every month will always implore me to pay cash wen I can do transfer. He said even if he receives alert and check his bank balance, dat he'll still not be satisfied. So I should come with cash. You can imagine d archaic reasoning.

abkrgumel:
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
Re: CBN's New Policy On Cash Deposits: Nigerians React by maekkyrain(m): 5:11pm On Sep 18, 2019
Even CBN wan dey collect tithe na wao.....na earth all of us still dey oooo
Re: CBN's New Policy On Cash Deposits: Nigerians React by Ochyman(m): 5:19pm On Sep 18, 2019
C.B.N.......THANK U VERY MUCH.....That is if it will Favor The POOR.......
Re: CBN's New Policy On Cash Deposits: Nigerians React by Risingblue008(m): 5:29pm On Sep 18, 2019
Dem wan still dey take d small ones wey come dey our hand?haaabah,make government pity us nah
Re: CBN's New Policy On Cash Deposits: Nigerians React by addey44: 5:42pm On Sep 18, 2019
What's all the fuss about? I wonder how many of us really go to make deposits or withdrawals of 500000 naira or above? If you do, then you can surely afford the 'minimal' extra charges.
Re: CBN's New Policy On Cash Deposits: Nigerians React by ola9ja(m): 5:45pm On Sep 18, 2019
Don't worry, the time will still come that cashless policy will be affected with other forms of Government policy as regard to this, if we keep quiet they will enact more policies that will affect us all and not them.

abkrgumel:
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
Re: CBN's New Policy On Cash Deposits: Nigerians React by OgahBohz: 5:45pm On Sep 18, 2019
mbos:
ha ha ha ha hahhhhhhhhhhhhhhhhhhhh
.. I de tell you.. withdraw 400k,
for it not too like you actually withdrawing 500k, the following just deposit 50, the third day withdraw 150k.. .. infact you can decide to do everything in one day sef , Dem mama
Re: CBN's New Policy On Cash Deposits: Nigerians React by leverage12(m): 5:46pm On Sep 18, 2019
The development is something I think may not really work well. What if people that want to deposit 500000 decide to deposit 499500 naira. Will they still be charged? Anyways may God help us in this nation Nigeria.

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Re: CBN's New Policy On Cash Deposits: Nigerians React by Detolanny(m): 5:51pm On Sep 18, 2019
In reality, we've been boxed into a corner. CBN wants cashless society so most transactions should be online. If I deposit or withdraw too much cash, I pay a charge of 2% or 3%. FIRS says if I pay for any transaction online, I pay extra 5% VAT. So, where do we run to N'tori Olorun. Who did we offend self to warrant this torture? Haba!!!
Re: CBN's New Policy On Cash Deposits: Nigerians React by Ajascolove(m): 5:52pm 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 VAT is 7.5 percent.


Haq Haq Haq
Re: CBN's New Policy On Cash Deposits: Nigerians React by NSK4U(m): 5:56pm On Sep 18, 2019
this is outright outrageous, period!!
meanwhile check my signature

Re: CBN's New Policy On Cash Deposits: Nigerians React by Sicilyjoe: 6:07pm On Sep 18, 2019
Pls mathematicians how much is 3% of 500k ?
Re: CBN's New Policy On Cash Deposits: Nigerians React by gentlegenius(m): 6:07pm On Sep 18, 2019
post=82348843:

Mba, we no go gree lailai.
Vote Buhari for 3rd term...


2023 till thy kongdom come.
Re: CBN's New Policy On Cash Deposits: Nigerians React by MASTERMIND04(m): 6:13pm On Sep 18, 2019
Rubbish policy. Stupid people
Re: CBN's New Policy On Cash Deposits: Nigerians React by rexlims(m): 6:24pm On Sep 18, 2019
abkrgumel:
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
d downside of this policy is that people would prefer to hoard their cash. Mark it
Re: CBN's New Policy On Cash Deposits: Nigerians React by Phyde: 6:26pm On Sep 18, 2019
This government don't have the interest of the masses at heart. Just another way of funding minimum wages. Scammers.
Re: CBN's New Policy On Cash Deposits: Nigerians React by hush15: 6:29pm On Sep 18, 2019
JONNYSPUTE:
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?

Let's call a spade a spade jare. That policy is from a very very wicked, greedy people but I guess its next level loading...

VAT increase,
Energy tariff increase,
Toll gates incoming,
Now CBN deposit charge increase,

Las las, we go dey alright.

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