Must Watch: CBN’s Policy On Cash Deposit Charges, Too Late Or Too Soon

Name: Must Watch: CBN's Policy On Cash Deposit Charges, Too Late Or Too Soon
Uploaded: 2019-09-22
Channel: Fred Brains
Description: Reactions have continue to trail the Central Bank of Nigeria re-introduction of the policy on cash-based transactions for cash handling charge on daily withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The policy

By Fred Brains Last updated Sep 22, 2019

Reactions have continue to trail the Central Bank of Nigeria re-introduction of the policy on cash-based transactions for cash handling charge on daily withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The policy which will not only impose charges on cash deposits but also on withdrawals exceeding the daily limit is in addition to an already existing charges on cash withdrawals by customers. According to the Director, Corporate Communications Department of the apex bank, Isaac Okorafor who issued a circular in that regard said the policy will deepen the existing cash-less policy drive. But the policy has so far attracted serious criticisms from the county’s Federal House of Representatives who requested for the immediate suspension of the policy CNA News however, feels the pulse of ordinary Nigerians on the policy. In January 2012, the Central Bank of Nigeria carried out a pilot of the cash-less policy in Lagos State. The policy later took effect in Rivers, Anambra, Abia, Kano, Ogun and the Federal Capital Territory, FCT on 1st July, 2013. The policy was however, implemented nationwide on July 1st, 2014.