Following the heavy criticism tailing cashless policy, the Central Bank of Nigeria (CBN) has come out to correct the mindset of Nigerians towards the newly announced policy.
KanyiDaily had reported that the CBN directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.
Nigerians have been enraged thinking the charges will be on the entire money deposited/withdrew.
Reacting to the criticism on Twitter, CBN said the charges on deposit and withdrawal will only be carried out on the excess of the limit it has set, which is N500,000.
According to CBN, if someone deposits cash of N501,000.00. N1,000.00 is in excess of the limit, therefore the bank will charge 2% of the N1000.00 which will be twenty naira ( N20.00).
“The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit cash of N501,000.00, N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00,” the apex said.
The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.
— Central Bank of Nigeria (@cenbank) September 20, 2019
Meanwhile, CBN has also directed the strict implementation of merchant service charge, which would impose more charges on all point of sale (PoS) transactions.
You may be interested
NPFL: Rangers, Kwara United End Barren Run; Insurance Stay UnbeatenWebby - February 1, 2023
Rangers recorded their first win in the Nigeria Premier Football League this season courtesy of a 1-0 victory against Dakkada…
Pogba Suffers Another Injury SetbackWebby - February 1, 2023
Paul Pogba’s hopes of making his first appearance since returning to Juventus has suffered another setback after he sustained another…
FG Replies Governor Nasir El-Rufai After He Said Some Elements In Aso Rock Are Working Against TinubuWebby - February 1, 2023
The Federal Government has said claims by Kaduna State Governor, Nasir El-Rufai that some elements at the Presidential Villa is working…