CBN extends cashless policy to 30 more states

 

    Central Bank of Nigeria’s cashless policy on withdrawals and deposits has been extended to 30 more states across the federation.

   A statement issued by DipoFatokun, Director, Banking and Payments System Department,at the end of the recent Bankers’ Committee 493rd meetingnoted that charges on deposits and withdrawals had been reintroduced.
  Accordingly, an individual who deposits or withdraws less than N500,00 would not be charged, however, any deposit above N500,000 attracts 1.5% charge, while withdrawals attracts 2%.
Also, withdrawals above N1million attract 3% charges, deposits above same amount attract 2% charges, while activities above N5million attract 3% and 7.5% respectively.
   Similarly, any corporate body that deposits less than N3million would not be charged but withdrawals and deposits above N3 million to N40million attract 2% to 10% charges respectively.
   The charges would take effect from April 1, 2017 in Lagos, Ogun, Kano,Abia, Anambra, River and Abuja, while in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Platuea, it will be implemented on May 1, 2017.