₦airaland Forum

This is how your money will lose value after many transfers until it becomes 0 naira.

With the cyber crime levy of 0.5%, N10,000,000 will be reduced to N8m after 42 transactions.
It will be reduced to 5m after 108 transfers and further reduced to N2.6m after 156 transfers.
Mathematically, this reduction will continue until the initial N10m becomes 0 naira. It doesn't matter the amount used for this analysis, the result will always be zero naira at the end.

Initial amount 10,000,000
1. 10,000,000 - 0.5% = 9,950,000
2. 9,950,000 - 0.5% = 9,900,250
3. 9,900,250 - 0.5% = 9,850,737.50
4. 9,850,737.50 - 0.5% = 9,801,345.13
5. 9,801,345.13 - 0.5% = 9,752,073.14
6. 9,752,073.14 - 0.5% = 9,702,921.29
7. 9,702,921.29 - 0.5% = 9,653,890.56
8. 9,653,890.56 - 0.5% = 9,604,981.93
9. 9,604,981.93 - 0.5% = 9,556,194.41
10. 9,556,194.41 - 0.5% = 9,507,528.93
11. 9,507,528.93 - 0.5% = 9,458,983.55
12. 9,458,983.55 - 0.5% = 9,410,559.24
13. 9,410,559.24 - 0.5% = 9,362,256.98
14. 9,362,256.98 - 0.5% = 9,314,076.75
15. 9,314,076.75 - 0.5% = 9,265,998.53
16. 9,265,998.53 - 0.5% = 9,217,932.33
17. 9,217,932.33 - 0.5% = 9,169,966.14
18. 9,169,966.14 - 0.5% = 9,122,099.94
19. 9,122,099.94 - 0.5% = 9,074,333.75
20. 9,074,333.75 - 0.5% = 9,026,667.55
21. 9,026,667.55 - 0.5% = 8,979,091.35
22. 8,979,091.35 - 0.5% = 8,931,605.15
23. 8,931,605.15 - 0.5% = 8,884,199.95
24. 8,884,199.95 - 0.5% = 8,836,874.75
25. 8,836,874.75 - 0.5% = 8,789,629.55
26. 8,789,629.55 - 0.5% = 8,742,454.35
27. 8,742,454.35 - 0.5% = 8,695,349.15
28. 8,695,349.15 - 0.5% = 8,648,313.95
29. 8,648,313.95 - 0.5% = 8,601,349.75
30. 8,601,349.75 - 0.5% = 8,554,455.55
31. 8,554,455.55 - 0.5% = 8,507,631.35
32. 8,507,631.35 - 0.5% = 8,460,877.15
33. 8,460,877.15 - 0.5% = 8,414,192.95
34. 8,414,192.95 - 0.5% = 8,367,578.75
35. 8,367,578.75 - 0.5% = 8,321,034.55
36. 8,321,034.55 - 0.5% = 8,274,559.35
37. 8,274,559.35 - 0.5% = 8,228,153.15
38. 8,228,153.15 - 0.5% = 8,181,816.95
39. 8,181,816.95 - 0.5% = 8,135,549.75
40. 8,135,549.75 - 0.5% = 8,089,351.55
41. 8,089,351.55 - 0.5% = 8,043,221.35
42. 8,043,221.35 - 0.5% = 7,997,159.15
43. 7,997,159.15 - 0.5% = 7,951,163.95
44. 7,951,163.95 - 0.5% = 7,905,234.75
45. 7,905,234.75 - 0.5% = 7,859,369.55
46. 7,859,369.55 - 0.5% = 7,813,566.35
47. 7,813,566.35 - 0.5% = 7,767,823.15
48. 7,767,823.15 - 0.5% = 7,722,137.95
49. 7,722,137.95 - 0.5% = 7,676,508.75
50. 7,676,508.75 - 0.5% = 7,630,933.55
51. 7,630,933.55 - 0.5% = 7,585,410.35
52. 7,585,410.35 - 0.5% = 7,539,935.15
53. 7,539,935.15 - 0.5% = 7,494,504.95
54. 7,494,504.95 - 0.5% = 7,449,117.75
55. 7,449,117.75 - 0.5% = 7,403,770.55
56. 7,403,770.55 - 0.5% = 7,358,461.35
57. 7,358,461.35 - 0.5% = 7,313,187.15
58. 7,313,187.15 - 0.5% = 7,267,947.95
59. 7,267,947.95 - 0.5% = 7,222,739.75
60. 7,222,739.75 - 0.5% = 7,177,559.55
61. 7,177,559.55 - 0.5% = 7,132,403.35
62. 7,132,403.35 - 0.5% = 7,087,275.15
63. 7,087,275.15 - 0.5% = 7,042,169.95
64. 7,042,169.95 - 0.5% = 6,997,082.75
65. 6,997,082.75 - 0.5% = 6,952,009.55
66. 6,952,009.55 - 0.5% = 6,906,944.35
67. 6,906,944.35 - 0.5% = 6,861,883.15
68. 6,861,883.15 - 0.5% = 6,816,823.95
69. 6,816,823.95 - 0.5% = 6,771,763.75
70. 6,771,763.75 - 0.5% = 6,726,699.55
71. 6,726,699.55 - 0.5% = 6,681,629.35
72. 6,681,629.35 - 0.5% = 6,636,551.15
73. 6,636,551.15 - 0.5% = 6,591,463.95
74. 6,591,463.95 - 0.5% = 6,546,364.75
75. 6,546,364.75 - 0.5% = 6,501,251.55
76. 6,501,251.55 - 0.5% = 6,456,122.35
77. 6,456,122.35 - 0.5% = 6,410,973.15
78. 6,410,973.15 - 0.5% = 6,365,802.95
79. 6,365,802.95 - 0.5% = 6,320,611.75
80. 6,320,611.75 - 0.5% = 6,275,397.55
81. 6,275,397.55 - 0.5% = 6,230,157.35
82. 6,230,157.35 - 0.5% = 6,184,889.15
83. 6,184,889.15 - 0.5% = 6,139,591.95
84. 6,139,591.95 - 0.5% = 6,094,263.75
85. 6,094,263.75 - 0.5% = 6,048,903.55
86. 6,048,903.55 - 0.5% = 6,003,509.35
87. 6,003,509.35 - 0.5% = 5,958,079.15
88. 5,958,079.15 - 0.5% = 5,912,611.95
89. 5,912,611.95 - 0.5% = 5,867,104.75
90. 5,867,104.75 - 0.5% = 5,821,555.55
91. 5,821,555.55 - 0.5% = 5,775,960.35
92. 5,775,960.35 - 0.5% = 5,730,317.15
93. 5,730,317.15 - 0.5% = 5,684,623.95
94. 5,684,623.95 - 0.5% = 5,638,880.75
95. 5,638,880.75 - 0.5% = 5,593,083.55
96. 5,593,083.55 - 0.5% = 5,547,233.35
97. 5,547,233.35 - 0.5% = 5,501,326.15
98. 5,501,326.15 - 0.5% = 5,455,359.95
99. 5,455,359.95 - 0.5% = 5,409,333.75
100. 5,409,333.75 - 0.5% = 5,363,244.55
101. 5,363,244.55 - 0.5% = 5,317,091.35
102. 5,317,091.35 - 0.5% = 5,270,871.15
103. 5,270,871.15 - 0.5% = 5,224,583.95
104. 5,224,583.95 - 0.5% = 5,178,225.75
104. 5,178,225.75 - 0.5% = 5,131,793.55
106. 5,131,793.55 - 0.5% = 5,085,285.35
107. 5,085,285.35 - 0.5% = 5,038,697.15
108. 5,038,697.15 - 0.5% = 4,991,926.95
109. 4,991,926.95 - 0.5% = 4,945,073.75
110. 4,945,073.75 - 0.5% = 4,898,134.55
111. 4,898,134.55 - 0.5% = 4,851,107.35
112. 4,851,107.35 - 0.5% = 4,803,989.15
113. 4,803,989.15 - 0.5% = 4,756,779.95
114. 4,756,779.95 - 0.5% = 4,709,476.75
115. 4,709,476.75 - 0.5% = 4,662,077.55
116. 4,662,077.55 - 0.5% = 4,614,578.35
117. 4,614,578.35 - 0.5% = 4,566,973.15
118. 4,566,973.15 - 0.5% = 4,519,266.95
119. 4,519,266.95 - 0.5% = 4,471,454.75
120. 4,471,454.75 - 0.5% = 4,423,534.55
121. 4,423,534.55 - 0.5% = 4,375,494.35
122. 4,375,494.35 - 0.5% = 4,327,334.15
123. 4,327,334.15 - 0.5% = 4,279,051.95
124. 4,279,051.95 - 0.5% = 4,230,646.75
125. 4,230,646.75 - 0.5% = 4,182,116.55
126. 4,182,116.55 - 0.5% = 4,133,459.35
127. 4,133,459.35 - 0.5% = 4,084,673.15
128. 4,084,673.15 - 0.5% = 4,035,756.95
129. 4,035,756.95 - 0.5% = 3,986,707.75
130. 3,986,707.75 - 0.5% = 3,937,523.55
131. 3,937,523.55 - 0.5% = 3,888,201.35
132. 3,888,201.35 - 0.5% = 3,838,739.15
133. 3,838,739.15 - 0.5% = 3,789,134.95
134. 3,789,134.95 - 0.5% = 3,739,386.75
135. 3,739,386.75 - 0.5% = 3,689,491.55
136. 3,689,491.55 - 0.5% = 3,639,446.35
137. 3,639,446.35 - 0.5% = 3,589,247.15
138. 3,589,247.15 - 0.5% = 3,538,892.95
139. 3,538,892.95 - 0.5% = 3,488,381.75
140. 3,488,381.75 - 0.5% = 3,437,701.55
141. 3,437,701.55 - 0.5% = 3,386,849.35
142. 3,386,849.35 - 0.5% = 3,335,823.15
143. 3,335,823.15 - 0.5% = 3,284,618.95
144. 3,284,618.95 - 0.5% = 3,233,233.75
145. 3,233,233.75 - 0.5% = 3,181,664.55
146. 3,181,664.55 - 0.5% = 3,129,907.35
147. 3,129,907.35 - 0.5% = 3,077,959.15
148. 3,077,959.15 - 0.5% = 3,025,815.95
149. 3,025,815.95 - 0.5% = 2,973,473.75
150. 2,973,473.75 - 0.5% = 2,920,927.55
151. 2,920,927.55 - 0.5% = 2,868,173.35
152. 2,868,173.35 - 0.5% = 2,815,207.15
153. 2,815,207.15 - 0.5% = 2,762,023.95
154. 2,762,023.95 - 0.5% = 2,708,617.75
155. 2,708,617.75 - 0.5% = 2,655,983.55
156. 2,655,983.55 - 0.5% = 2,603,123.35

Una go explain tired

helinues:
Una go explain tired

of course you go support this evil policy because you no get shi shi talk more of transferring money

ruggedboych:
of course you go support this evil policy because you no get shi shi talk more of transferring money

This government no dey favour una again IJN? Cos it dey favour us oo, any tax , we shall pay

I thought the 0.5% charge is on the transferred amount and not on the remaining amount (balance)?

shortgun:
We go continue to explain until we build a Nigeria where the aim of government policies is not to make Nigerians poorer

The ones you explained before the election, what happened to them? Enter bush

Is it not favouring you people again IJN?

Continue with the suffering and smiling 😊, una upcoming generation will be left to cater for themselves

helinues:
This government no dey favour una again IJN? Cos it dey favour us oo, any tax , we shall pay

shortgun:
Nigeria is evolving and Nigerians are becoming increasingly interested in who governs them because they have come to realize that bad leadership as exhibited by the current administration affects everyone irrespective of where they come from or religion.
It will be delusional for you to think you will continually profit from the people's ignorance indefinitely.

Nigeria is not only involving but progressing too but some people remain stuck when Dem no be trees

surprising thing is why is everyone quit?

helinues:
Una go explain tired

Take, drink it

You go dey alright

helinues:
Nigeria is not only involving but progressing too but some people remain stuck when Dem no be trees

24/7 things.

helinues:
Nigeria is not only involving but progressing too but some people remain stuck when Dem no be trees

E wo tu ni involving nahhh!!!

Alaye it is evolving .... please, always endeavour to read books so you don't be exposed to ridicule,thanks...

Las las, na only break up go save Nigerians from Nigeria. Each yahoo government is worse than the previous one but na APC governments worse pass by a far margin.

AfonjaConehead:
E wo tu ni involving nahhh!!!

Alaye it is evolving .... please, always endeavour to read books so you don't be exposed to ridicule,thanks...

Is that all what you could pick from my comments? I bet the progressing word is a bit challenging to you to comprehend

Don't be petty

helinues:
Is that all what you could pick from my comments? I bet the progressing word is a bit challenging to you to comprehend

Don't be petty

Are you now in SIFIA pains cos I corrected your illiteracy?

Instead of you to acknowledge and be grateful for me covering ya yansh,you are instead pompous...

shortgun:
The remaining amount still get charged when it's transferred

Huh! This is evil!! Once people noticed this, they will stop banking their moneys with Nigerian banks. I won't!

If this is not evil I wonder what else is

which kind calculation be this you people sha

Ronu people and incompetence are like 5 and 6

This people will finally destroy the economy

Hez143:
which kind calculation be this you people sha

The calculation is simple and accurate

helinues:
This government no dey favour una again IJN? Cos it dey favour us oo, any tax , we shall pay

HELL-LIE-ANUS at it again! Talk small true na🤔, haba dan Allah, ba ka dai gaskiya!

Cyber criminals will bear this levy burden whether they like it or not

Forget all these noise you people are making, cyber criminals will bear this levy burden whether they like it or not

shortgun:
The calculation is simple and accurate

Nah, it's wrong and misleading

After 163 transfers, 10,000,000 is N2.7m.