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.
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.