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CBN Reintroduces Cashless Policy – See Details

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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

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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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