Goodmorning Nairaland,

As from JAN 1, 2012 any deposit or withdrawal over N150,000 (individual) or N1,000,000 (corporate) will attract a processing charge (What rate not specified but will take effect from March 30, 2012).

What are the advantages and Dis-advantages in this, what implication coupled with Fuel de-regulation.

All comment are encouraged and appreciated.

ITs not fully started anyway, cos there are no fascilities on ground

There has been alot of confussion about this policy, the banks have started implementing it on their own for example UNION Bank. They have limit the third party cheque cash over the counter to N150, 000 while self withdrawer over the counter also have been limited in some branches of theirs to same amount, they now dictate different limits to self withdrawer depending on the branches.

I have a cheque I issued out less than 300K in December which was not cash by the person I issued it to rejected for over the counter payment.

Financial / Banking expert help enlighten the public on this, the advert says the withdrawer above the 150K will start attracting charges from March 30, 2012 which means normal banking activities should still be going on as there are no facilities on ground, the lead time will allow people to acquire this facilities that is the reason for the three months of grace but the bank are already doing their own things or is this another back stab by the Federal government / Sanusi?