"Nigerians Will Begin To Pay For Deposits And Withdrawals in Year 2020"- CBN

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

 
This comes after the Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020.
 
The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.
 
According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.
 
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.
 
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.
 

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Posted: at 18-09-2019 03:23 PM (4 years ago) | Gistmaniac

simple,continue withdrawing N499999 as many times as possible until u get the amount u need.

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Posted: at 18-09-2019 03:44 PM (4 years ago) | Addicted Hero

Like 3m on 90k and 10k on top 500,000.abeg I need  more clarification on top dis issue.

Posted: at 18-09-2019 04:58 PM (4 years ago) | Upcoming

I'm sorry to say this, but I can categorically tell you that cashless economy has just failed because people will stop depositing monies in the bank.

Posted: at 18-09-2019 08:05 PM (4 years ago) | Gistmaniac

IT IS VERY SAD NIGERIAN GOVERNMENT WILL IMPLEMENT SUCH LAWS ON CITIZENS WHO BENEFITS NOTHING FROM THEIR GOVERNMENT FOR OVER 50YRS,
NO GOOD ROAD,
NO ELECTRICITY,
FOOD PRICE, BUT WHY? DRAINING YOUR CITIZENS TILL DEATH OVER TAKES THE COUNTRY WILL NEVER HELP,
THEY FORGOT TO REALIZE THAT NIGERIANS STARTED BANKING NOT UPTO 15YRS.
BETWEEN 2005 TILL NOW.... WHY IMPOSING SUCH LAW? IT IS JUST TOO EARLY FOR THAT.
SMH.

Posted: at 18-09-2019 08:49 PM (4 years ago) | Upcoming