CBN begins charges on deposits, withdrawals above N500,000 – Nigerians react

Nigerians have taken to social media to react to Central Bank of Nigeria (CBN) plan to start charging on deposits, withdrawals above N500,000.

On Tuesday, CBN announced that customers making cash deposits or withdrawals above N500,000 will pay charges starting from Wednesday, September 18, in line with its new policy even thoigh it did not seat well with most Nigerians.

CBN begins charges on deposits, withdrawals above N500,000 - Nigerians react


See reactions below.

This is what people don’t understand. Transactions are easily traced if we went cashless. Kudos to CBN – @ayoolaamao

Did anyone actually read this cashless policy by CBN? Theres a daily WITHDRAWAL charge. Not deposits, hut withdrawal on cash based transactions. Use cheques, drafts, online, whatever other options. What’s the furor about? – @stillrolling12

To beat this scam policy cbn initiated, when u get to ur bank with 500k, deposit N499,910, use d remaining N90 that wants to cost u 10k enter bike go house. – @Efcc_0fficial

All these noises about 500k and CBN is not necessary. Just pick up 2 deposit slips, write 499,500 on one and write 500 on the other. Give one to the teller personnel and join the queue again to pay in the other. Problem solved. Thank me later😏😊 – @RasheedTorriera

Dr. But this issue has been on since 2017. They explained it then. D commercial banks should have done more explanations if there was need to because d % is going to d banks not CBN cos if u deposit such amount of money in d bank it’s transported to d CBN so who pays for that? – @SamuelOmogor

Dear Central Banking of Nigeria: I heard if I go to the bank to deposit my hard earned money above or is it 500k, you will charge me 10k.. Pls who can construct a massive and sophiscated safe for me? get ready to lose a HNI..unless you guys ask CBN to behave.. – @Henribankz

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