The Central Bank of Nigeria (CBN) just announced that the
full implementation of the cashless policy will become effective from March 31,
2020.
In the circular titled: “Re: Implementation of the Cashless
Policy,” that was addressed to all banks, it announced the commencement of
charges on deposits in addition to already existing charges on
withdrawals.
According to the circular, the charges, which take effect
from today, would attract three per cent processing fees for withdrawals and
two per cent processing fees for lodgements of amounts above N500,000 for
individual accounts.
Reacting to the proposed development, Don Jazzy wrote, 'my
dear the whole thing just reeks of a desperate move to generate revenue. When
they load their own stolen money in the bank, they don’t care whatever charges
they have to pay'.
