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CBN ANNOUNCES CASHLESS POLICY BY 2020, EXTRA FEE ON DEPOSITS AND WITHDRAWAL

CBN ANNOUNCES CASHLESS POLICY BY 2020, EXTRA FEE ON DEPOSITS AND WITHDRAWAL

Doris Ukaonu
CBN ANNOUNCES CASHLESS POLICY BY 2020, EXTRA FEE ON DEPOSITS AND WITHDRAWAL
Godwin Emefiele

The Central Bank of Nigeria has announced that it will commence a cashless policy by March 2020,

This was disclosed in a circular sent across to the Deposit Money Banks yesterday, September 17.

As documented, extra charges will be deducted on deposits, in addition to the already existing charges on withdrawals.

According to the circular the charges which 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, will begin today, September  18 2019

Charges for corporate accounts are five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3,000,000.

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CBN ANNOUNCES CASHLESS POLICY BY 2020, EXTRA FEE ON DEPOSITS AND WITHDRAWAL

Also stated was that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

The apex bank noted that the cash-less policy would take effect from March 31, 2020.

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