linearity:


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.

thanks for d info

So this shops will now get pos and have transfer options
So customers will no longer have to carry cash but will pos

onmyowncj:
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

nextstep:
All these reactors, when did they last deposit 500k cash? I've never deposited that much cash, so I'm ok.

But CBN is not being reasonable: a business transaction can result in 10% tax (I'm calling it tax) for depositing money, transferring to somebody, then that person withdraws the cash. That same cash will be re-deposited and widthdrawn, and somebody pays this cost each time. Do that 10-20 times and banks/govt has collected 100% the value of that cash in tax.

Please where can sign up to be a bank so I can double my money just by having hardworking people move money?

See right here, is the reason why I think I should stop working hard. I am beginning to think that working hard is for those who don't know. Guys, go financial. Invest in long term fixed deposits, money markets , bonds and reinvest your dividends in stocks. All this while waiting out this government. You will come out tops.

onmyowncj:
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

My bank charges #10 per transaction to the same bank.

linearity:


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.

hello mister, u mean if I wanna withdraw exactly 500k from my acct, I won't b charge any fees? but if am to withdraw like 550k, I will still b charge, right? pls tell me something

femijay8271:


hello mister, u mean if I wanna withdraw exactly 500k from my acct, I won't b charge any fees? but if am to withdraw like 550k, I will still b charge, right? pls tell me something

That is correct, but the fees charged will be on the 50k, which is the amount over 500k.

To avoid the fees, come back tomorrow or open account in multiples banks. Also, remember the amount here is aggregate; which means if you withdraw 250k in the morning, came back in the afternoon to withdraw 200k, and in the evening you too another 100k, you will pay a fees on 50, since the culmilative withdrawal for that day was 550k.

linearity:


That is correct, but the fees charged will be on the 50k, which is the amount over 500k.

To avoid the fees, come back tomorrow or open account in multiples banks. Also, remember the amount here is aggregate; which means if you withdraw 250k in the morning, came back in the afternoon to withdraw 200k, and in the evening you too another 100k, you will pay a fees on 50, since the culmilative withdrawal for that day was 550k.

alright, thanks for d info