Dear Valued Customer,

The Central Bank of Nigeria (CBN) in its updated Cashless Policy has directed that all cash deposits above N500,000 for individuals and N3,000,000 for businesses will now be subject to charges Nationwide effective April 1, 2020.

This is in addition to the cash withdrawal charges already in existence.

Going by the above, all amounts in excess of the advised threshold will attract the following charges.

Account Type // Withdrawal/Lodgment Limits // Processing Fees for Deposits // Processing Fees for Withdrawals

Individual // Above N500,000 // 2% // 3%

Corporate // Above N3,000,000 // 3% // 5%

Imagine a bank deducting 15,000 naira as as processing fee on your 500,000 naira deposit. It calls to question if I am working for myself or I am working for the bank.
What is 5% of 3,000,000 ? What is 3% of 500,000. What exactly is the purpose of financial institutions? Is it to reap people of their earnings? What exactly are they processing with over 15k

DaInferno:
Imagine a bank deducting 15,000 naira as as processing fee on your 500,000 naira deposit. It calls to question if I am working for myself or I am working for the bank.
What is 5% of 3,000,000 ? What is 3% of 500,000. What exactly is the purpose of financial institutions? Is it to reap people of their earnings? What exactly are they processing with over 15k

Get it right.
It's not the bank, it's the Federal government through the bank.

DaInferno:
Imagine a bank deducting 15,000 naira as as processing fee on your 500,000 naira deposit. It calls to question if I am working for myself or I am working for the bank.
What is 5% of 3,000,000 ? What is 3% of 500,000. What exactly is the purpose of financial institutions? Is it to reap people of their earnings? What exactly are they processing with over 15k

You are exactly right. This is daylight robbery.
Developed countries build infrastructure, which help businesses create jobs for the people. The people in turn pay taxes that fund government.
Nigerian government refuses to develop infrastructure. Instead, it chooses to dip into bank depositors' hard earned cash.
It won't be long now before people return to keeping their cash at home, instead of allowing 5% of it to be taken by banks.

As far as I remember, this has been put into action since

This is Nigeria..
This is Nigeria...

If you didn't read before

This is Nigeria

where our taxes are only to fund politician's luxurious lifestyles, no infrastructure like someone rightly said up there

Treshmike:


Get it right.
It's not the bank, it's the Federal government through the bank.

Federal government through the bank or bank through federal govt scheme, it's all serves the same purpose, which is; to reap the common of his hard earned money

At the end, I'll be short of the money being forcefully collected becos I paid money into my bank account, meanwhile the government does not put such monies to good use, it would be looted by one b@stard who thinks Nigeria is his father's property

DAVE5:
As far as I remember, this has been put into action since

The rules start April 1, 2020.

DAVE5:
This is Nigeria...

Nigerians are too docile. The politicians know Nigerians won't do a thing about it. And they will still vote the same way in the next election. That is why the people are treated badly.
Nigeria is the easiest country to be a politician. If anybody speaks up, they lock him up.

unikwa:


The rules start April 1, 2020.



Nigerians are too docile. The politicians know Nigerians won't do a thing about it. And they will still vote the same way in the next election. That is why the people are treated badly.
Nigeria is the easiest country to be a politician. If anybody speaks up, they lock him up.

Docile is an understatement...

Even sef, the politicians doesn't need to lock you up if you speak, there's too many miscreants that would beat you up if you speak, the beating would be free of charge, only for them to get cabin biscuits during election periods and be forgotten after election