The Central Bank of Nigeria has said that there are alternatives for Nigerians who choose not to pay the new bank charges on cash transactions.
The Central Bank of Nigeria (CBN) has clarified its policy on the newly announced payment of deposit/withdrawal charges by bank customers in the country.
The policy stipulates that bank customers will incur cash handling charge of 3% on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. It also stipulates a 2% charge on deposits above the aforementioned amounts.
In a recently released statement on social media, the CBN has said that most Nigerians can choose not to pay the charges as there are alternative means of concluding same transactions.
“Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses”, it said.
“CBN has provided various options to receive and and pay out money above the limits without having to pay any charge”, the statement added.