THE REAL COST OF TRANSFERRING ₦10,000 UPDATED [MAY 2024]
SENDER:
Cybersecurity levy: ₦50
Transfer fee: ₦25
7.5% VAT fee: ₦1.88
SMS Notification: ₦4
Total cost to Sender: ₦80.88
RECEIVER:
Stamp duty (EMTL): ₦50
SMS Notification: ₦4
Total cost to Receiver: ₦54
TOTAL COST: ₦134.88
Sender: ₦80.88
Receiver: ₦54
Both Sender & Receiver bear ₦134.88 as the transfer cost of ₦10,000.
Real value exchanged: ₦9,865.12
Source: Statisense
#newscast
Nigerians To Pay More As CBN Orders Banks To Charge 0.5% Cybersecurity Levy
There is a recent directive from the Central Bank of Nigeria (CBN) instructing banks to impose a 0.5% levy on all electronic transactions in a bid to bolster cybersecurity measures.
This levy aims to fund the National Cyber Security Fund and enhance cybersecurity infrastructure across the country.
However, this decision has sparked concerns among Nigerians who fear it will lead to increased financial burdens, especially for those already struggling financially.
Additionally, there are calls for transparency in how the funds collected will be utilized and whether they will genuinely address cybersecurity issues effectively.
#newscast
Siblings Who Met In School Are Expecting A Baby
This story of 2 youngsters who met in school (not knowing they are siblings) and fell in love is one sad tale.
What lessons can be learnt from this story?
Share this story and help warn other young people.
#newscast
Success in business isn't just about reaching the peak; it's about daring to climb, learning from every step, and persisting even when the path seems steep.
Embrace the challenges, for they sculpt the way to your summit of achievement.
#mondaymotivation
Admore Junior
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