CBN Implements Cashless Policy, Places Charges On Cash Deposits And Withdrawal In Selected States

The Central Bank of Nigeria has announced the commencement of the implementation of cashless policy as it placed charges on deposits and withdrawals in addition to already existing charges on withdrawals.

According to a statement from the CBN, the charges, which take effect today, September the 18th, will attract 3 percent processing fees for withdrawals and 2 percent processing fees for lodgments of amounts above 500,000 naira for individual accounts.

The statement, however, explains that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory, while the implementation of the cash-less policy will take effect from March the 31st, 2020.

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