CBN Clears Air On New Cashless Policy, Says ‘Charges Not On Electronic Banking’

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.

Central Bank of Nigeria
Central Bank of Nigeria

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: 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:


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