The Central Bank of Nigeria (CBN) has announced that the nationwide implementation of the cashless policy will take effect from March 31, 2020.
The apex bank, in a statement on Tuesday, September 17, addressed to all banks, also announced the commencement of charges on deposits in addition to already existing charges on withdrawals.
The charges which take effect from today Wednesday, September 18, will attract 2%processing fees for lodgments and 3% processing fees for withdrawals of amounts above N500, 000 for individual accounts.
The statement signed by Director of the Payments System Management Department, Sam Okojere, additionally said, corporate accounts would attract 3% and 5% processing fees for lodgements and withdrawals of amounts above N3,000,000 respectively.
The charges on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states as well as the Federal Capital Territory (FCT) until the policy is fully rolled out in 2020.