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'.
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