Cash-less Nigeria: Banks to Start Charging Customers for Withdrawals and Deposits from Wednesday

Credits: The Citizen Nigeria

Credits: The Citizen Nigeria

The Central Bank of Nigeria, CBN, says that the cash-less policy will swing into full effect in the Federal capital, Ogun, Kano, Rivers, Anambra and Abia states as from Wednesday.

In effect, this means that the three-month grace period in which all deposits or withdrawals higher than the stipulated cash-less amount in the cash-less policy document went uncharged is officially over.

According to the policy, the daily cumulative cash withdrawal or deposit limit for individual accounts is N500,000, and that for corporate bodies is at N3m daily.

The deputy Governor of CBN operations, Mr. Tunde Lemo said the policy would take effect in the six states mentioned above as from October 2nd, Wednesday, because the three months moratorium would have expired.

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