The Central Bank of Nigeria (CBN) has come out to clear the air on the new policy asking banks to take 2% and 3% on deposits and withdrawals over N500,000 from individual accounts.
The new directive has generated a lot of negative reactions across the nation, as it has been tagged as a desperate measure to generate revenue and a corporation form of extortion.
Also Read:Â CBN To Charge On Deposits, Withdrawals Above 500k
Seeing the uproar, the new directive has generated the apex bank in Nigeria has stated that the directive is not for electronic transactions but people with cash in a bid to promote the cash-less policy of the nation.
See the tweets below:
The #CBN Cash-less policy is strictly applicable to Cash based transactions and not on electronic banking.#CBNCash-lessPolicy
— Central Bank of Nigeria (@cenbank) September 19, 2019
Charges as stipulated by the Cash-less policy will be applied on the excess amount above the limit of deposit or withdrawal amount.#CBNCash-lessPolicy
— Central Bank of Nigeria (@cenbank) September 19, 2019