Cashless policy: Central Bank of Nigeria clarifies transaction charges (Read carefully)

The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of the implementation of its cashless policy is on the amount in excess of the set limits.

NAN reports that CBN on Sept 17 issued a circular to deposit banks to commence the implementation of the cashless policy in six pilot states across the country.

The CBN explained that transactions would attract three per cent processing fees for withdrawal and two per cent processing fees for lodgement of amounts above N500,000 for individual accounts.

Similarly, corporate accounts would attract five per cent processing fees for withdrawal and three per cent processing fees for lodgement of amounts above N3 million

The apex bank directed that implementation should commence from Sept. 18 in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States, as well as the Federal Capital Territory (FCT).

It, however, stated that the nationwide implementation of the cashless policy would take effect from March 31, 2020.

Okorafor explained that contrary to the misconception on the implementation of the policy, the charges would only be on the excess of N500,000 deposited or withdrawn for individual and N3 million for corporate body

According to him, if an individual deposited N510,000 the two per cent charge would be on the N10,000 excess which is N200 only.

He said the same applied to a withdrawal of same amount, adding that the three per cent charge would be on excess of the set limits.

He said that the same thing also applies to the corporate body also which five per cent on withdrawal and three per cent on lodgement of amounts above N3 million.

– PM News