In a circular released on its website, the apex bank said the decision was made at the 493rd bankers committee meeting that held on February 8.
The apex bank also said it would extend its cashless policy to the remaining 30 states.
“Please be informed that the bankers committee at its 493rd meeting held on February 8 reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the 30 remaining states of the federation,” the circular read.
For individuals, deposits ranging from N500,000 to N1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge.
Deposits of amounts above N1m to N5m will attract 2% and withdrawals will attract 3% charge. Deposits and withdrawals above N5m will attract 3% and 7.5% charge respectively. In the corporate category, deposits and withdrawals below N3m will not attract charges.
Deposits and withdrawals between N3m and N10m will attract 2% and 5% respectively, while deposits and withdrawals between N10m and N40m will attract 3% and 7.5% respectively. Deposits and withdrawals above N40m will attract 5% and 10% respectively.
“The new charges would take effect from April 1 in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau,” the circular read.
“The policy shall be implemented with the charges taking effect on August 1in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa. The policy shall be implemented with the charges taking effect on October 1 in Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.”
CBN said the income generated from the charges would be shared between it and the banks in a ratio of 40:60.
It said exemptions would only be available for the government, embassies, diplomatic missions and aid donor agencies.
The Cable
The apex bank also said it would extend its cashless policy to the remaining 30 states.
“Please be informed that the bankers committee at its 493rd meeting held on February 8 reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the 30 remaining states of the federation,” the circular read.
For individuals, deposits ranging from N500,000 to N1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge.
Deposits of amounts above N1m to N5m will attract 2% and withdrawals will attract 3% charge. Deposits and withdrawals above N5m will attract 3% and 7.5% charge respectively. In the corporate category, deposits and withdrawals below N3m will not attract charges.
Deposits and withdrawals between N3m and N10m will attract 2% and 5% respectively, while deposits and withdrawals between N10m and N40m will attract 3% and 7.5% respectively. Deposits and withdrawals above N40m will attract 5% and 10% respectively.
“The new charges would take effect from April 1 in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau,” the circular read.
“The policy shall be implemented with the charges taking effect on August 1in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa. The policy shall be implemented with the charges taking effect on October 1 in Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.”
CBN said the income generated from the charges would be shared between it and the banks in a ratio of 40:60.
It said exemptions would only be available for the government, embassies, diplomatic missions and aid donor agencies.
The Cable
*This doesnt look like good News...There is recession and every money one makes now belongs to them?can someone explain this in lay man's Language and tell me if its okay to do this?
They are at it again! Not making sense at all, they are majorly after their interests, nothing more.
ReplyDeleteHonestly the way we display ignorance on this blog baffles me. And I believe we only source information here, we don't read wide, we don't consult, we are only interested in gists and stories. Very MYOPIC! I really don't know where to start from. I just perceive we just take joy in criticising any measures taken, without a thorough consideration of these measures. The main reason for this measure is to DISCOURAGE cash lodgement and encourage online transactions. This is to our advantage and I will prove it. Yes, it has some implications, but on a long run, it is reasonable.
DeleteFirstly, it goes a long way to CURB money laundering. That is to say, any huge transaction you want to do will be basically online and electronic, which allows for easy trail. With the introduction of BVN, every transaction is traceable and plain. Since the introduction of BVN, a lot of fraudulent accounts have been abandoned for the fear of being caught.
Possibilities of being paid fake currency is reduced since paying you will now be straight into your account.
Thirdly, safety is enhanced. Imagine you want to deposit N20m and you have to carry it manually to the bank, - insane right? With electronic wiring you can transfer any amount, depending on your arrangement with your bank, without anyone knowing. Physical deposit of huge money has wrecked a lot of people. Someone leaks information of the deposit, then they lay ambush and then the whole money is gone!
Quality time wasted at the counter counting the money is eliminated.
Government's expenditure on currency is greatly reduced.
So many other advantages my dear BVs.
We all want to go to "the abroad", these are measures those people have taken and embraced by the citizens, which makes their country what it is today. Unfortunately we are biased and we just believe everything is to punish us, NOT SO! We can't be in 21st century and still expecting things to be done like the 19th century. Pls let's WAKE UP!
Kudos to Emefiele!
online transaction not free either
DeleteI hope it will not eventually affect online deposits like the N50 stamp duty charged on every N1,000 deposit on current accounts?
DeletePG18
DeleteAgeless: come on! Think well before you write. The charges are becoming too much and mind you, who wants to steal 10million wk t mind guvub out 20% as long as na lot.
ASHAWO WAS 1's A VIRGIN
Madam know all @Ageless t. Online transactions attract #105 to other bank and whatever amount you remit over the counter attracts #50 so keep all this your long story for the gods. Emir Sanusi was once CBN governor and he stopped all this unnecessary extortion from the banks. Why stealing from people the little they have in this kind of economic crisis.
Delete@Anon 11.49, May be when you rewrite your opinion I might have the right answer for you.
DeleteThe idea is the issue here. The idea is a fantastic one and will bring sanity in the financial system of the country. If you read my opinion well, I stated it has some implications, I am not ignorant of that.
This measure is basically for those doing volumes, and it has always been. The only difference is that it's been extended to other states. You don't know this, cos obviously you've not been doing volumes and you are not aware. You don't even have to do volumes before you know that this is a giant step forward. All you need is a broad mind and Exposure .
At the end, if you do your cost and benefits analysis, you will know that the benefits outweighs the costs. I hope that addresses your concern. Kisses.
@Arsenal First lady, it's not difficult to know that the N50 charge you talked about is the making of your bank and not approved by CBN. You should change your bank if your bank charges you anything different. At the end of the day, when you think of that N50 charge, your transport fare, convenience, safety, the stress, among other reasons. I bet anyone will prefer the N105 charge. It's well.
DeleteHello madam stupid and the stupid life enhancing comment. My deposits are what the bank does business with. This is wealth creation 101. I pay 100. You borrow 100 @ 5% interest. The bank pays me 2.5% ir and keeps 2.5% for itself. How then can it ever make sense that you wanna charge me for depositing money that you will eventually use to do business and never give me a decent interest rate for? In the countries you speak of, do you get charged for deposits??? In fact in the us, you get charged $3 per withdrawal over an ATM. Cash withdrawal and deposit in bank is absolutely free.
DeleteReceive divine Degree now!!!!
So it doesnt affect those of us that deposit 2k and 5k right? Good
ReplyDeleteAs in, I was waiting to read that. Maybe it's time to start keeping the money inside the mattress o.
DeleteLol, abi o my sister.
DeleteHahahahaha people cannot have millions in peace again.. lol. Nigeria My Nigeria.
DeleteLoool!
DeleteNa to dey say my money for house na eim sure pass o.. Mstcheeeew
DeleteFor ndi oshi and robbers to visit abi. Abeg bank better o. We should rather stand against these charges.
DeleteOoooh chimo... What's going on in this country God..... I am tired of this country for real..... Better we start planning how to leave this country walai .....the only thing working in this country is generator.
ReplyDeleteHahahahahaha...
DeleteYou are right about generator!...
Leave to where na? Where e better? May God see us through in all of these kawai!
DeleteHahahahaaha...i don laugh tire
DeleteHa when I saw the heading, fear grip me small. If to say it concern me, I will kukuma tell oga taju the welder beside my house to construct 'Apoti onirin' big one and buy big padlock, keep my money inside the 'Apoti'. If I have to deposit, I will say stay there, I will come and give you the money. If you are outside Lagos, OYO is your case...
ReplyDeleteI no fit laff abeg
DeleteLmao
DeleteHahahahahaha...
DeleteNa to tie money for nylon, dig ground n bury d money o. No more saving with banks o. Lol
DeletePlease, thats their own cup of tea, i dont know when il start depositing above #3m ,so until then i cant be bothered.
ReplyDeleteHahaha
Deletesame here my sisterwhere i see 3m to deposit for bank?
Oh myyyy!
ReplyDeleteWhaaaaaat???😳😳😳😳
:) it just means instead of coming to the bank to withdraw and spend or pay in another account, you use other means (internet banking platform and the other USSD codes).
ReplyDeleteThe issue would be all those always shouting I don't trust internet banking, na by force to love am now.
Yes they are trying to move forward, advance Nigerians!! Use online banking platforms but come to think of it, each transfer to another bank is 105naira (Firstbank) so 'am' not understanding!!!
DeleteAda ada, what of the transport fare and time spent on the queue nko? Sometimes if you place value on these two, you won't mind the charges honestly.
Delete@anon 7:22, very correct
Y charge 105 to other banks.mstcheew. is 100 naira not enuf?
DeleteUnion bank charges jst #85 only for transfers to other banks,and there Internet banking is very active,and they don't charge all this unnecessary charges people complain of from other banks.Union bank building a simpler and smarter bank.am a customer not a staff
DeleteEnter your comment...diamond bank has already started it oo d ar calling it stamp duty charge
ReplyDeleteStamp duty charge he different from this
DeleteStamp duty charge goes to the federal government
This is a new one. Different from when they charge you stamp duty and vat..
COT is different from Stamp duty charges.
DeleteWhat is paining me now is diamond bank's tactic,of refunding the stamp duty charges but it's not reflecting on my balance...
DeleteBunch of jokers. They aim is to impose hardship on the masses.
ReplyDeleteThe govt will not kill us. They shld just tell we the poor to relocate to the village. Cos nothing is in favour to us the poor.
ReplyDeleteIgnorance
DeleteNa craze dey worry them. Their head is seriously shaking. Anyways I don't even have up to that amount sent so they should knock themselves out.
ReplyDeleteYou don't now doesn't mean you won't tomorow
DeleteSimple terms: Govt stealing from the masses to fund its corrupt and overbloated expenditure
ReplyDeleteshebi CBN have come again! The country is already hard enough and this what you can come up with.
ReplyDeleteanyway no time for long talk sef
let me contact the NANS PRESIDENT...he will know what to do
Even mtn now charge for share and sell. Awon oloriburuku oloshi.
ReplyDeletePlease tell me you are only kidding.
DeleteWhaaaat?
This people are so useless no wahala they have just crub the cashless policy cos most pple will prefer handling the money cash. Wicked govt ever.
ReplyDeleteEhen,na to deposit in bits na
ReplyDeleteUmmm, doesn't sound good.
ReplyDeleteThey are not just serious,I wonder where exactly we are heading to in this country Nigeria.
ReplyDeleteStupid man and very ugly for that matter at that CBN. Man that is doing trial and errors. Dullard
ReplyDeleteIt means that the Government wants it's own whistle blower cut.
ReplyDeleteEverybody don turn whistle blower
Imagine stealing from the poor to pay the rich. In this buhari's government, very soon we start paying for before you smile. Evil, wicked, clueless, incompetent, deceitful, corrupt government. Apc ndi oshi
ReplyDeleteAaahhh!!! No nau
ReplyDeleteis this soppose to fix the economy? another way of preventing tax evasion. .. its well.
ReplyDeleteHmmmm it is well
ReplyDeletethis is pure BS, so someone cannot deposit and/or withdraw his money in peace again
ReplyDeleteThose of us in Lagos are already used to this. To avoid these charges, do more online transfers and payments.
ReplyDeletePopeye's how do I use my phone to transfer money.is I use first bank.
DeleteYou are sensible
Delete@Sexy Daddy- I don"t bank with First bank, but you can walk into any of their branches to get help.
DeleteI keep saying it , Nigeria we are our own problem, we are not even helping ourselves in this recession, the bank charges they take is not enough? Such wickedness from cbn, what a country.
ReplyDeleteDoes this make any sense at all...i'l deposit my money in your bank, you'll use my money & still charge me ontop...are they mad? Why can't they just charge people that deposit & withdraw 3m & above? You still want to rob us off the little we have...Or is it that I don't understand? Someone that understands should enlighten me please
ReplyDeleteKeep money at home; wahala, keep money in the bank nko; nsobu... SSMH
ReplyDeleteAnd it keep getting worst....Nigeria Govt it haff do nau!!! Suffering yi ti poju!ðŸ˜
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteLol how many people deposits or withdraw such amounts? That's like 20% out of 100%
ReplyDeletePls help me ask them o. This measure is for the rich and to expose any shady deals. 99% of those shouting have not handled 500k their entire lives and they are crying wolf!!!
DeleteLol.
DeleteNaija for show... Nothing comes easy again.internet banking ti take over.
ReplyDeleteOh well, tell me about this government and how free and fair they are according to you people. Tell me more about how they are not corrupt..
ReplyDeleteThen I'll tell you how they are. How thru are robbing Peter to pay Paul. Wicked lots. Stamp duty wasn't enough for them. Vat charges wasn't. Now this..
Emefiele is a thief. He's working for the banks, that's why he reverted everything' that sanusi banned, like ATM charges.
ReplyDeleteMicro finance bank to the rescue. I don't bank with all these commercial banks. When you need facilities, they'll ask you to bring your ancestor's birth certificate.
ReplyDeleteLast week friday. I planned to use the remaining 1k inside my account to flex weekend only for me to recieve a debit alert of 8naira for no reason o. chai plan don spoil. Na so i jejely borrow #50 from my course mate, enter bank, deposit #50. The man was suprised but wetin man go do now. Na so i withdraw money flex weekend o. I no send.
ReplyDeleteLol
DeleteHahahahahaha
DeleteBaba nla weyrey l'awon people yii sha, its as if they r always on some cheap stuff before arriving at all dis yeye n unfavorable policies. Who go save Nigerians??? We r in for some deep shit n blv me, they r just getting started.
ReplyDeletethank you Ageless T. people on this blog talk anyhow..no sensible analysis of issues before they run their mouths with ignorant comments....sad to say even stella madam blog owner can ask some naive and senseless questions(i not even referring to only this post)....don't u guys read the papers? don't u guys use google? please think before u type. all they know here is insults. read an article, comprehend then comment
ReplyDeleteAhahaha....bikonu no put me for trouble o. Allow Stella ask her questions abeg. At least she asked, some did not ask they just slipped into their usual "witch hunt" cum biased mind Syndrome, with their APC-PDP undertone. No intelligent analysis, no open mind, no juxtaposing, nothing! It beats me honestly. But it's well.
DeleteOya tell Stella sorry o, Kikikiki...
Anno
DeleteJust calm your head
Why d insult?
If you're a banker or you're in the finance institute, u should explain things simply,
I understood what Ageless said up there
People are in different profession u know?
Sexy daddy, you have to go to first bank let dem put you on firstonline.
ReplyDeleteThe lady that did mine came to the office and now i can sit on my seat and do my transfers. Have been doing major transfers from my phone even at home too.
Convenience! That's what I'm talking about. I can't remember when last I queued at the bank. With my GTB, I do virtually everything anytime of the day. The last big amount I transferred was N150k, they charged me just N20 cos it's GT to GT. I buy credit for myself and people from my personal account and it's absolutely FREE.
DeleteI guess we are just allergic to change. Woh...I tire for Stella's BVS jare. Owo ro mi...
Please can we start keeping our money at home
ReplyDeletebecause the kind of money these thief charge no be small .......
Amope olowo sibi, I don't even know where to start with you. Your name cracked me up. Wa wa alright..
DeleteFor those that have money.....
ReplyDeleteLong live SDK
Online transactions for me is better cos you save yourself From the stress of going to and from the bank, which I don't like. Sometimes the distance you have to travel just to get to a bank can be discouraging.
ReplyDelete