In a circular released on its website, the apex bank said the decision was made at the 493rd bankers committee meeting that held on February 8.
The apex bank also said it would extend its cashless policy to the remaining 30 states.
“Please be informed that the bankers committee at its 493rd meeting held on February 8 reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the 30 remaining states of the federation,” the circular read.
For individuals, deposits ranging from N500,000 to N1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge.
Deposits of amounts above N1m to N5m will attract 2% and withdrawals will attract 3% charge. Deposits and withdrawals above N5m will attract 3% and 7.5% charge respectively. In the corporate category, deposits and withdrawals below N3m will not attract charges.
Deposits and withdrawals between N3m and N10m will attract 2% and 5% respectively, while deposits and withdrawals between N10m and N40m will attract 3% and 7.5% respectively. Deposits and withdrawals above N40m will attract 5% and 10% respectively.
“The new charges would take effect from April 1 in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau,” the circular read.
“The policy shall be implemented with the charges taking effect on August 1 in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa. The policy shall be implemented with the charges taking effect on October 1 in Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.”
CBN said the income generated from the charges would be shared between it and the banks in a ratio of 40:60.
It said exemptions would only be available for the government, embassies, diplomatic missions and aid donor agencies. Click to signup for FREE news updates, latest information and hottest gists everyday
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It is like u get punished for keeping your money in the bank!!!!
ReplyDeleteIt is inhuman for someone to be charged up to 10% for money he has worked for. It is not as if the cashless platforms are working well. Businesses can hardly get POS machines. Even the available ones hardly works. How do we operate cashless in such an environment?
ReplyDeleteWe are in trouble in this country
ReplyDeleteNot only 10% just take 50% instead.thiefs
ReplyDeleteNot only 10% just take 50% instead.thiefs
ReplyDeleteAh Nawa Ooooo This is called stealing by treat
ReplyDeleteThis is wickedness and exploitation in the highest order. This government has made life so unbearable for Nigerians and is still bent on roasting the masses with hardship.
ReplyDeleteDo away with cash. Very simple. We too like wahala. Collect ur workers account and do trf. Very soon ,market women will have POS. This is how other nations evolved. Many electronic solutions will start popping up and that alone is job creation. Stop resisting change,rather find how to benefit from it. God bless Nigeria
ReplyDeletePOS works where you have uninterrupted power supply which developed nations has,nigeria can't boast of enough electricity
DeleteBetter include everyone except donor agencies
ReplyDelete