Economy
CBN Reintroduces Cashless Policy – See Details
Whilst we are battling recession Nigeria and her Elites are cooking different means to take away money from her citizens. Nawa naija which way. Below is new directive as the nation goes cashless.
My only question now is it by force to go cashless.
line with the recent directive of the Central Bank of Nigeria (CBN), please be informed that the Cash-less policy has been reviewed further.
Processing charges on cash deposits will be applied on transactions which are above the stipulated limits. These have been revised as follows:
TRANSACTION AMOUNT
APPLICABLE RATE ON DAILY DEPOSIT
APPLICABLE RATE ON DAILY WITHDRAWAL
Individual
Less than or equal to N500,000
No Charges
No Charges
Above N500,000 – N1m
1.50%
2%
Above N1m – N5m
2%
3%
Above N5m
3%
7.50%
Corporate
Less than or equal to N3m
No Charges
No Charges
Above N3m – 10m
2%
5%
Above N10m – N40m
3%
7.50%
Above N40m
5%
10%
Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:
S/No
States
Go-Live Date
1
Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT
1st April, 2017
2
Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau
1st May, 2017
3
Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa
1st August, 2017
4
Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara
1st October, 2017
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