CBN Gov Godwin Emefiele insists cashless policy will be implemented

The central bank of Nigeria is insisting that it will go ahead with its new cashless policy, saying only five percent of bank customers will be affected.

This is inspite of an order from the house of representatives to suspend the implementation of the policy on deposits and withdrawals.

The house committee on banking and currency wants the CBN to hold off implementation until consultations with all relevant stakeholders are made.

For individual accounts, withdrawals will attract three percent processing fees, while deposits will attract two percent processing fees for amounts above five hundred thousand naira.

For corporate accounts, withdrawals will attract three percent processing fees, while deposits will attract two percent processing fees for amounts above three million naira.

Though the nationwide implementation of the policy will commence next year, the CBN says it will start off with 6 states and the FCT this year.

The central bank of Nigeria is insisting that it will go ahead with its new cashless policy, saying only five percent of bank customers will be affected.

This is inspite of an order from the house of representatives to suspend the implementation of the policy on deposits and withdrawals.

(The house committee on banking and currency wants the CBN to hold off implementation until consultations with all relevant stakeholders are made.

For individual accounts, withdrawals will attract three percent processing fees, while deposits will attract two percent processing fees for amounts above five hundred thousand Naira.

For corporate accounts, withdrawals will attract three percent processing fees, while deposits will attract two percent processing fees for amounts above three million Naira.

Though the nationwide implementation of the policy will commence next year, the CBN says it will start off with 6 states and the FCT this year.