by Nurudeen Lawal
- The Central Bank of Nigeria has announced that the nationwide implementation of the cashless policy will begin by March 31, 2020
- The implementation of the policy would signal the imposition of charges on deposits and withdrawals
- The charges will take effect from Wednesday, September 18, 2019, and apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the FCT
The Central Bank of Nigeria (CBN) has announced that the nationwide implementation of the cashless policy will begin by March 31, 2020.
The apex bank made this known in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday, September 17.
It said that the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.
The charges will take effect from Wednesday, September 18, 2019, and will attract three percent processing fees for withdrawals and two percent processing fees for lodgments of amounts above N500,000 for individual accounts.
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| A screenshot of the CBN circular. Source: cbn.gov.ng |
For corporate accounts, the apex bank in the circular said that DMBs would charge five percent processing fees for withdrawals and three processing fee for lodgments of amounts above N3,000,000.
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.
Meanwhile, Legit.ng previously reported that the Federal Executive Council (FEC) approved the increase in Value Added Tax (VAT) rate to 7.2% from its previous 5%.
The minister of finance, budget and national planning, Zainab Ahmed, made this known to journalist at the state house after the FEC meeting on Wednesday, September 11.
It should be noted that the new development is still subject to an amendment of the 1994 VAT act by the National Assembly.
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