flowx:
The policy is not new in anyway.
It has been like that since GEJ administration.

So I don't know the meaning of all this cemical reation.

This is not a truthful statement. Before today no amount deposited in any Nigerian Bank attract charges. What was said to attract charges earlier is withdraw more than N500,000 and N3, 000,000 for individuals and corporate accounts respectively and the charge was around 1%. Yes it may have been designed long before now but it has not taken effect until today.

It's been long i heard sai baba even on Abooki forum. Buhari chop Nigeria without giving them 'Change'.

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?

The charges is on the total cumulative deposits or withdrawal above the limit per day. If you witness the previous implementation of cashless policy that was stoped in 2016 you will understand

lovethchioma:
CBN planning to charge people for depositing or withdrawing monies upto 500,000 over the counter because they want to encourage cashless policy.

Meanwhile Mr. Fowler is already negotiating with banks on how everyone would have to pay Vat for every transactions done online; of course they already have legal backing.



You see, either way, we are stuck...
These people mean no good for her citizens, I guarantee you. Always looking for ways to make things difficult than it is already for people.

Legal backing from where? Has the Senate approved Fowler's proposal?

It's simple now, deposit #250k in the morning and come back in the afternoon to deposit #250k balance simple

freeman67:


This is not a truthful statement. Before today no amount deposited in any Nigerian Bank attract charges. What was said to attract charges earlier is withdraw more than N500,000 and N3, 000,000 for individuals and corporate accounts respectively and the charge was around 1%. Yes it may have been designed long before now but it has not taken effect until today.

It was in effect before now introduced by Sanusi. Emiefele stoped it in 2016 only to reintroduced it now. Remember

jwals:
It's simple now, deposit #250k in the morning and come back in the afternoon to deposit #250k balance simple

The charge is on the Cumulative balance above 500k for individual and 3m for corporate.

Kennitrust:
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!

You like gej so much you can relocate to Bayelsa.
What kind of business will make you do large amounts in cash? If not fraud...
So your ignorant ass cannot do online transfer

Let's be realistic how many of us carry physical cash of 500k walking around.
Its simple
Transactions should be online, via ussd, transfers pos unless we have to use cash

Deposits shd be via same route unless we forced to carry physical cash beyond our control


This helps fight corruption also

Encourages a digital economy

I rather use all I have on a quest of Biafra than try keep solidarity with Nigeria that am seeing but not functional

ONE NIGERIA MEANS ONLY ONE THING

KEEPING POLITICIANS AND THEIR FAMILY RICH

Politicians knew Nigeria is sinking they are all in for all they can grab before the ship sinks they don't care if they milk you all dry especially southern states

Its only a poor man that's still hoping on unbreakable Nigeria that will still work

HOW CAN SOMETHING BE DRAINING LIFE OUT OF YOU AND YOU'RE STILL HOPING FOR IT TO STOP SOMEDAY....Tufiakwa

NotNairalandi:
I don't know Nigerians and Chemical who react pass

my brother I swear. Most of the people here no even get 100k and na dem shout pass

rotile247:


The charge is on the Cumulative balance above 500k for individual and 3m for corporate.

which cumulative balance again? did u even read it well?

too bad............

abuhari:
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

what are you paying for with 500k cash in a qural area? hope it is not hard drugs

VAT increase and now this. Next Level sweet

This kind thing no de affect us Nigerians.... We are to smart for this... They're are a lot of ways to cut Conners... Proudly Naija....

This is a pretext to raise revenue to cover budget shortfalls.

If it were truly aim at reducing circulation of cash in the economy, the policy will encourage deposits. Why charge someone who want to deposit cash into the bank, who is in fact helping you to remove cash from circulation?

This policy will only encourage people to hold on to cash and avoid the bank as long as possible and when they do, they will deposit the money or withdraw them in piecemeal over an extended period of time to avoid the charges.

It is deliberate act to cheat Nigerians and I wouldn't be surprised if this useless action is reversed after they must have made billions.

Hmmm

I told you that these banks are corporate fraudsters ...nothing good about them ,so many stupid hidden charges oo..yet they pay their staff nonsense wages ..APC change don hit banking system

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?

u don't understand it e transaction attracts 100 naira charge already (to other banks),if d cashless policy should work y not make it free to all banks,then this new policy would have make sense

eeewise:
Let's be realistic how many of us carry physical cash of 500k walking around.
Its simple
Transactions should be online, via ussd, transfers pos unless we have to use cash

Deposits shd be via same route unless we forced to carry physical cash beyond our control


This helps fight corruption also

Encourages a digital economy

u don't know what you are talking,come to Onitsha or Lagos or abs,most shops make sales worth 500k and more than evry single day

seunmohmoh:
It's a saving app.

pls tell me more, plsss

OlawaleBammie:


pls tell me more, plsss

Just search it online. It's all there.

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?

lolllll

pocohantas:


See them. Here to defend their employers.

https://punchng.com/nigerias-domestic-revenue-among-worlds-lowest-bill-gates/

seeing as you are really passionate about this.

i actually thought as a bank/financial services person, you would be in agreement

1. Merchants going forward will pay stamp duty of N50 for every transaction (carried out in their shops on PoS or e-commerce website) with value of N1,000 or more. In addition to applicable taxes.

2. A 33.3% reduction (from 0.75% to 0.5%) in charges borne by Merchants that accepts use of cards (Visa, MastetCard, Verve etc.) at their shops/office or e-commerce websites.

1. Merchants going forward will pay stamp duty of N50 for every transaction (carried out in their shops on PoS or e-commerce website) with value of N1,000 or more. In addition to applicable taxes.

2. A 33.3% reduction (from 0.75% to 0.5%) in charges borne by Merchants that accepts use of cards (Visa, MastetCard, Verve etc.) at their shops/office or e-commerce websites.

some stuff from a conversation/chat

i personally prefer electronic transactions - there is a paper trail, and convenience. EKEDP now do electronic payment. no ore having to be at their office on Saturday to do dodgy cash transactions

ornicus:


https://punchng.com/nigerias-domestic-revenue-among-worlds-lowest-bill-gates/

seeing as you are really passionate about this.

i actually thought as a bank/financial services person, you would be in agreement





some stuff from a conversation/chat

i personally prefer electronic transactions - there is a paper trail, and convenience. EKEDP now do electronic payment. no ore having to be at their office on Saturday to do dodgy cash transactions

That I have some interest in the sector shouldn't make me insensitive to the plight of Nigerians. Not like the steps are totally wrong, but we are not ripe for them.

I fit wan become Minister of Finance tomorrow. It should be on record that I have always been on the side of Nigerians.

pocohantas:


That I have some interest in the sector shouldn't make me insensitive to the plight of Nigerians. Not like the steps are totally wrong, but we are not ripe for them.

I fit wan become Minister of Finance tomorrow. It should be on record that I have always been on the side of Nigerians.

Poco 20 years from now

linearity:
This is a pretext to raise revenue to cover budget shortfalls.

If it were truly aim at reducing circulation of cash in the economy, the policy will encourage deposits. Why charge someone who want to deposit cash into the bank, who is in fact helping you to remove cash from circulation?

This policy will only encourage people to hold on to cash and avoid the bank as long as possible and when they do, they will deposit the money or withdraw them in piecemeal over an extended period of time to avoid the charges.

I think that is to discourage the "depositor" not to collect the cash (by hand) in the first place. So the payer and the receiver of the cash both bear the brunt.

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

Not true though.

For a withdrawal of 500k, you will not be charged any fees, but e.g. for a withdrawal of 600k, you will be charged 3% of 100k; which is the amount in excess of 500k...meaning 3k will be charged as fees if you withdraw 600k.

To avoid the fees, come back the next day; since you would have hit your daily free withdrawal threshold or if you bank with multiple banks, make an online transfer to the other bank and go pick up the balance in cash there.