CBN commences implementation of Nationwide cashless Policy

Nigeria’s Central Bank has approved additional charges on deposits and withdrawals in the country.

In a circular addressed to all Banks on Tuesday, September 17th, titled: “Re: Implementation of the Cashless Policy,” CBN said the new charges on depositors will apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT immediately.

The statement further stated that the new charges would be in addition to existing charges on withdrawal, effective September 18, 2019.

According to the circular:

Individual account for transactions above N500,000

Withdrawal – 3%

Deposits – 2%

Corporate account N3,000,000

Withdrawal – 5%

Deposits – 3%

The House of Representatives members  has demanded that the CBN halt the implementation.