The Central Bank of Nigeria has announced that the
nationwide implementation of the cashless policy will begin by March 2020. In a
circular released on Tuesday September 17th, the apex bank said this in a
circular to all Deposit Money Banks in the country.
According to the apex bank, the implementation of the policy
would signal the imposition of charges on deposits in addition to already
existing charges on withdrawals. The charges which take effect from today
Wednesday September 18th 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.
The circular stated that for corporate accounts, DMBs would
charge five per cent processing fees for withdrawals and three per cent processing
fee for lodgments of amounts above N3, 000, 000.
The circular however disclosed that the charge on deposits
would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as
the Federal Capital Territory.
It added that the implementation of the cashless policy
would take effect from March 31, 2020.
