The Central Bank of Nigeria, on Tuesday announced that the nationwide implementation of the cashless policy will commence by March 31, 2020 – To achieve this there will be charges on withdrawals and deposits.
Following this circular been issued by the Apex bank to all Deposit Money Banks, DMBs; It made known its intentions of starting off the implementation of the cashless policy and to achieve this through the imposition of charges that will be made on deposits in addition to already existing charges on withdrawals.
There will be a 2% processing fee charged on lodgement and 3% processing fees charged for withdrawals of money above N500,000 ($1,388.98 USD) per individual account and this charges will take effect from today, the 18th of September 2019.
Also in the circular, the apex bank stated that for Corporate accounts, a bank charge of 5% processing fee for withdrawals and 3% processing fee for lodgments, on amounts above N3,000,000 ($8,333.885 USD).
These charges on deposits would apply to some states as disclosed on the circular. States like Lagos, Ogun, Kano, Abia, Anambra and Rivers with the Federal Capital Territory inclusive.
Nigerians, however, have taken to social media to express their displeasure and opinions of the new policy stating how this does not help the present state of penury and bad economy that plagues the country currently.