The Central Bank of Nigeria, CBN , has taken extra measures to implement the nationwide cashless policy which will commence by March 2020
This was contained in a circular that was distributed to all Deposit money banks in the country.
According to the circular, to implement the policy, charges have been imposed on deposits, besides the already existing charges imposed on withdrawals.
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The charges would take immediate effect from Wednesday, September 18, 2019. Three percent processing fees would be charged on withdrawals while two percent processing fees would be charged for lodgments of amounts exceeding N500,000 on personal or individual accounts.
This percentage of charges does not apply to corporate accounts, as CBN in its circular said, five percent processing fees would be charged for withdrawals and three percent processing fees would be charged for lodgment of amounts exceeding N3,000,000.
However, the circular said charges imposed on deposits would only be implemented in 7 states; Lagos, Ogun, Kano, Abia, Anambra, Rivers including the Federal Capital Territory.
In addition to that, the circular stated the cashless policy is set for implementation in March 2020