Have you read about The Bizarre Case of the Dancing Plague of 1518: When a Town Danced Itself Silly (and Sick)?
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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
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