• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 4, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

CBN educates Nigerians on cashless policy

The Matters Press by The Matters Press
September 24, 2019
Reading Time: 2 mins read
0
Jaiz Bank expands with new branches

Naira

Naira

The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

IMPI urges media to consider national interest in reporting security challenges

The Director, Corporate Communication Department, Mr Isaac Okorafor, made the clarification in Abuja on Monday.

CBN on Sept 17 issued a circular to deposit banks to commence the implementation of the cashless policy in six pilot states across the country.

The CBN explained that transactions would attract three per cent processing fees for withdrawal and two per cent processing fees for lodgment of amounts above N500,000 for individual accounts.

Similarly, corporate accounts would attract five per cent processing fees for withdrawal and three per cent processing fees for lodgment of amounts above N3 million

The apex bank directed that implementation should commence from Sept. 18 in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States, as well as the Federal Capital Territory (FCT).

It, however, stated that the nationwide implementation of the cashless policy would take effect from March 31, 2020.

Okorafor explained that contrary to the misconception on the implementation of the policy, the charges would only be on the excess of N500,000 deposited or withdrawn for individual and N3 million for corporate body

According to him, if an individual deposited N510,000 the two per cent charge would be on the N10,000 excess which is N200 only.

He said the same applied to a withdrawal of same amount, adding that the three per cent charge would be on excess of the set limits.

He said that the same thing also applies to the corporate body also which five per cent on withdrawal and three per cent on lodgement of amounts above N3 million.

Many Nigerians welcome the development, noting that it would enhance transparency in financial dealings and reduce crimes such as ransom payment and extortion among others.

Others, however, described it as additional burden on banks’ customers who were already laden with other charges by the banks.

CBN Governor Godwin Emefiele had also said, after the Monetary Policy Committee meeting on Friday in Abuja, that the policy was inaugurated in the country in 2012 and implementation began in 2014.

“The policy says if you deposit money in the bank above a particular threshold which for individual is N500,000 and N3 million for corporate bodies, then you will be charged, same for withdrawal.

He stated that the policy was not designed to de-franchise hard working Nigerians as perceived by some categories of people.

According to him, a data conducted, revealed that close to 95 per cent of cash deposited and withdrawn fall below this threshold.

Emefiele said Nigerians had already embraced electronic channels and online transaction in market places.

He added that Micro, Small and Medium Enterprises now had various options and channels available to collect a legitimate payment for goods and services, like POS, banks transfer using ATM, USD code among others.

He said that the cashless policy increases transparency in financial dealings and reduce crimes such as ransom payment and extortion among others.

The governor said the bank had the mandate under the CBN Act 2007 as amended to promote a sound and stable financial system through credible efficient payment system.

Tags: CBN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Next Post
Muslims celebrate festival, get goodwill messages

Buhari scores high in social investment initiative

Nigeria’s TraderMoni to halt poverty – Osinbajo

Osinbajo and N-SIPs funds

Recommended Stories

EFCC hits BDCs to save the Naira

EFCC hits BDCs to save the Naira

July 30, 2022
Trading in Nigerian stock market dips further N83bn

Equity market records losses, indices down 0.29%

October 5, 2022

Trump Says US Has ‘passed the peak’ of Coronavirus Outbreak

December 10, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us