How To Avoid Excess Bank Charges on Cash Withdrawals in Nigeria

Earlier last year the CBN implemented a 3% withdrawal percentage on excess cash of 500k above for individual, and 3million above for cooperate account so as to promote cashless policy. However the mandate didn't kick start in all 36states until July 1st this year, hence the need to avoid it.

For example; if you withdraw 600k (cash) in a day from your account, you will have to pay 3% of the excess 100k which is N3,000.

One might ask, were they the one that gave you the money in first place? Don't they charge for SMS alert? Don't they charge for ATM withdrawals from other banks even when they know their ATM do malfunction sometimes? and many more way they already do charge us, so why this massive extortion all in the name of cashless policy?

Well, ever since I know am in Nigeria, The country condition has always taught me how to be smart.
So here I will let you know how to avoid the excess Ghost charges in 2 different ways.

1. Internet Banking (Easiest and Safest)

Transferring your cash via online channel to the person you wish to pay is far the easiest and safest way to pay for any goods/service.
All you need to do is walk into your bank branch and get activated.
With this, you can transfer as far as N5million daily with no charges other than SMS alert charges (You can't escape that) :)

2. Distribution Method (Smart but Risky)

This method is for people who find it as a must to collect cash. Maybe to pay some off record settlements.
It is risky because you maybe robbed for carrying much cash at hand or even killed.
And its smart because you will be beating the banks to their trick by giving them a dose of their very own medicine and avoiding the ghost charges.

So here is how it's done;
Before we start, you will need to have more than one account (or that of your friend which you have access to cash from) and also need an internet banking account.

Let's say you want to collect 2million in a day from one of your 4 bank accounts and you wish to avoid the charges on the 1.5million that lapse the 500k individual limit.
If you proceed to collect everything, you will be charged N45,000 (You imagine if you now pay the Teller's salary)
Instead of this, all you need to do is collect 500k from that account and send 500k each to your remaining 3 accounts  via internet banking and you can successfully withdraw everything without paying ghost charges of any kind.
That's all!

You can now see how to easily avoid this ghost charges by Nigerian Banks.

However I would advice you use the internet banking channel as it's easy and safe.

Let me know via comments if this helps.