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CASHLESS POLICY: CBN Announces Charges on Cash Deposits

Olaitan Nurudeen



CASHLESS POLICY: CBN Announces Charges on Cash Deposits

The Central Bank of Nigeria has announced the commencement of charges on cash deposits in addition to the already existing charges on withdrawals.

According to the CBN the policy takes effect today the 18th day of September, 2019 in which the charges of %2 will apply to cash deposits of amount from N500, 000 while it withdrawals will attract %3.

The statement, however, explains that the charges on deposit, for now, will only apply to transactions in Lagos, Ogun, Kano, Abia, Anambra, and Rivers State, including the FCT, Abuja ahead of the full cashless policy which will kick off from 31st March, 2020.

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Nurudeen Olaitan is a Linguist, Teacher, and Adventurer. He is Passionate about Sport, Travelling, Writing, & Politics. He puts Humanity above anyone or anything & hold Honesty and Integrity in high esteem.Reach him via or @nurdeanO on Twitter


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