CBN Clears The Air On Its Cashless Policy Initiative

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As mixed reactions have continued to rise following the announcement by the Central Bank of Nigeria (CBN) on its cashless policy initiative, the apex bank has given more insight into the mode of operation on the policy.

With fears and tension, which apparently, was as a result of misinterpretation of the CBN announcement on cashless policy, the CBN, on its verified Twitter handle, explained that;

“The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.”

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In reaction to what many thought was a stringent move, the House of Representatives has called on the CBN to suspend the cashless policy initiative.

Meanwhile, some economic experts and stakeholders have lauded the initiative.

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As mixed reactions have continued to rise following the announcement by the Central Bank of Nigeria (CBN) on its cashless policy initiative, the apex bank has given more insight into the mode of operation on the policy. With fears and tension, which apparently, was as a result of misinterpretation of the CBN announcement on cashless policy, the CBN, on its verified Twitter handle, explained that; “The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge…

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Ukandu Emeka Jacob is a vibrant young man who has strong passion for journalism and that passion led him to blogging. He is passionate about humanity and loves to help people when he can. he is a graduate of mass communication from university of jos plateau state Nigeria but hails from Abia state.

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