The Central Bank of Nigeria has announced that the nationwide
implementation of the cashless policy will begin by March 2020.
In a
circular released on Tuesday September 17th, the apex bank said this in a
circular to all Deposit Money Banks in the country.
According to the apex bank, the implementation of the policy would
signal the imposition of charges on deposits in addition to already
existing charges on withdrawals. The charges which take effect from
today Wednesday September 18th will attract three per cent processing
fees for withdrawals and two per cent processing fees for lodgments of
amounts above N500, 000 for individual accounts.
The circular stated that for corporate accounts, DMBs would charge
five per cent processing fees for withdrawals and three per cent
processing fee for lodgments of amounts above N3, 000, 000.
The circular however disclosed that the charge on deposits would
apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as
the Federal Capital Territory.
It added that the implementation of the cashless policy would take effect from March 31, 2020.
Read the circular below
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