Director of Payments System Management Department Sam C. Okojere says the nationwide implementation of the cashless policy in effect from March 31, 2020.
Nigeria’s Central Bank has approved additional charges on deposits and withdrawals in the country.
In a circular issued to all banks on Tuesday, September 17th, titled: “Re Implementation of the Cashless Policy,” CBN said the new charges depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT.
The statement further stated that the new charges would be in addition to existing charges on withdrawal effective from September 18, 2019.
The transaction details are as follows:
Withdrawal/Lodgement limits – 3%
Deposits – 2%
Withdrawal/Lodgement limits – 5%
Deposits – 3%.
With the new policy, every deposit above N500,000 on an individual’s account will attract a 2% fee. If you pay N510,000 into your savings account, the bank will charge you N10,020 for the transaction.
Withdrawals attract higher fees of 3% and 5% for individual and corporate accounts respectively.
Many Nigerians have described it as a fraud, particularly the new tax policy of 7.2 percent tax levied on registered companies. Also, banks charge customers maintenance fees and in the Q1 of 2019, accumulated money accrued to banks through these charges is estimated at N242b.
The debt burden of Nigeria and the budget deficit puts the Buhari administration on pressure and unfortunately. Citizens will be hit hard as they are unable to find alternative measures to propel the country for sustainable economic development.