A lot of fake news is trending and seemingly intelligent people are falling cheap for the lies bandied about the new Central Bank of Nigeria charge policy on deposits.
Please pay attention as I will not explain this again. After all, federal government is not paying me for doing the work of National Orientation Agency.
I am only playing my part to educate you on certain things about governance.
Do not mind all those road side gist you hear about the new CBN charge on deposits.
This is how it applies, the charges apply daily and not per transaction.
You can only deposit up to ₦500,000 daily. If you exceed it, the amount in excess will be charged for that day.
Let me paint this scenario for you, Mr. A has ₦10,000,000.00 (ten million naira) only he wants to deposit in a Bank tomorrow, Thursday, 19 September, 2019.
Mr. A can only deposit ₦500,000.00 (five hundred thousand naira) only for that day without him being charged 2%.
If he deposits the whole ₦10,000,000.00 Mr. A will be charged 2% of the total deposit he made for the day.
That is to say if Mr. A for instance deposits ₦5,000,000.00 and another ₦5,000,000.00 that same day on two occasions, his total deposit for the day will be summed up and 2% charge deducted from the account.
That is to say ₦200,000 (Two hundred thousand naira) only will be deducted from him for that day for depositing ₦10,000,000.00 for the day.
However, if Mr. A goes to a Point of Sale (POS) merchant to pay that money to his account that is, the ₦10,000,000.00 he will not be charged this 2%.
Likewise if the money is transferred to him through mobile transfer, he will not be charged the 2%.
The money is only charged on Over-The-Counter (OTC) transactions, the federal government is trying to discourage carrying huge amount of money around.
If you must deposit the ₦10,000,000.00 without incurring the 2% charge, it is best you deposit it ₦500,000 every day until you pay in the ₦10,000,000.00 without incurring the charge.
Please be guided henceforth, thanks for your time.