By blesin 
The Central Bank of Nigeria (CBN) recently introduced a ₦50 electronic transfer levy on transactions conducted by individuals and businesses within the country. This levy aims to encourage the adoption of electronic payment methods and reduce the reliance on cash transactions. However, many people are looking for ways to avoid this extra charge on their transactions.
In this article, we will discuss how to avoid the ₦50 electronic transfer levy from the CBN.One of the most effective ways to avoid the ₦50 electronic transfer levy is to opt for alternative payment methods that are exempt from the levy.
For example, using mobile money platforms like Paga or Opay for transfers and bill payments can help you avoid the charge as these platforms are not subject to the CBN levy. Additionally, you can consider using online payment platforms like Flutterwave or Paystack for your transactions, as they may also be exempt from the levy.Another way to avoid the ₦50 electronic transfer levy is to consolidate your transactions and make fewer but larger transfers.
Instead of making multiple small transfers that incur the ₦50 charge each time, try to combine your payments into one larger transfer to minimize the impact of the levy. This strategy can help you save money in the long run and avoid paying unnecessary charges on your transactions.Additionally, you can explore the option of setting up standing instructions for recurring payments, such as utility bills or subscriptions.
By automating your payments through standing instructions, you can reduce the number of individual transactions and avoid incurring multiple ₦50 charges. This can be a convenient and cost-effective way to manage your payments while minimizing the impact of the CBN levy on your transactions.Furthermore, you can consider using alternative banking channels that offer lower or no charges on electronic transfers.
Some banks and financial institutions may waive the ₦50 electronic transfer levy for certain categories of customers or transactions. Contact your bank to inquire about any promotional offers or waivers that may be available to you to avoid the extra charge on your electronic transfers.
Lastly, staying informed about any changes in the CBN’s policies and regulations regarding electronic transfers can help you avoid unexpected charges. Keep up to date with the latest developments in the financial industry and be proactive in seeking out alternative payment options that are exempt from the levy.
In conclusion, by exploring alternative payment methods, consolidating your transactions, setting up standing instructions, and seeking out waivers or promotional offers, you can effectively avoid the ₦50 electronic transfer levy from the CBN. Take proactive steps to manage your electronic payments efficiently and minimize costs to ensure that you are not unnecessarily burdened by additional charges on your transactions.
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