Connect with us

News

Cashless Policy: We Will Only Charge Amounts That Exceeds Limit Of N500,000 – CBN

Published

on

Cashless Policy: We Will Only Charge Amounts That Exceeds Limit Of N500,000 - CBN 3

Following the heavy criticism tailing cashless policy, the Central Bank of Nigeria (CBN) has come out to correct the mindset of Nigerians towards the newly announced policy.

KanyiDaily had reported that the CBN directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

Nigerians have been enraged thinking the charges will be on the entire money deposited/withdrew.

Reacting to the criticism on Twitter, CBN said the charges on deposit and withdrawal will only be carried out on the excess of the limit it has set, which is N500,000.

According to CBN, if someone deposits cash of N501,000.00. N1,000.00 is in excess of the limit, therefore the bank will charge 2% of the N1000.00 which will be twenty naira ( N20.00).

“The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit 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,” the apex said.

Meanwhile, CBN has also directed the strict implementation of merchant service charge, which would impose more charges on all point of sale (PoS) transactions.

Former US President Donald Trump Shot During Presidential Rally 6
News17 hours ago

Former US President Donald Trump Shot During Presidential Rally

Paul Okoye Surprises His Wife, Ivy Ifeoma With New Range Rover Car [Photos]
Entertainment1 day ago

Paul Okoye Surprises His Wife, Ivy Ifeoma With New Range Rover [Photos]

I Began Hating Nkechi Blessing When She Revealed She Has My Nudε Photos - Blessing CEO [Video]
Celebrities1 day ago

I Began Hating Nkechi Blessing When She Revealed She Has My Nudε Photos – Blessing CEO [Video]

Negligence, Lack Of Value For Life Responsible For Plateau School Building Collapse - Simi
Celebrities1 day ago

Negligence, Lack Of Value For Life Responsible For Plateau School Building Collapse – Simi

Biodun Okeowo Omoborty Gets Married In Traditional Ceremony [Photos/Video]
Entertainment1 day ago

Biodun Okeowo Omoborty Gets Married In Traditional Ceremony [Photos/Video]

Meta Finally Lifts Restriction On Donald Trump's Facebook And Instagram Accounts
News1 day ago

Meta Finally Lifts Restriction On Donald Trump’s Facebook And Instagram Accounts

Tiwa Savage Laments Struggle Of Raising Her Son, Says She Wants To Enjoy Life
Celebrities1 day ago

Tiwa Savage Lament Struggles Of Raising Her Son, Says She Wants To Enjoy Herself

"Carelessness, Negligence" - Patience Ozokwor Reveals Why Nollywood Stars Are Dying
Entertainment1 day ago

“Carelessness, Negligence” – Patience Ozokwor Reveals Why Nollywood Stars Are Dying

Nigerian comedian and skit maker, Gloria Olorunto, popularly known as Maraji, has announced the birth of her second child with her Ghanaian husband.
News1 day ago

2 Storey Residential Building Collapse in Abuja, Many Trapped

Junior Pope Told Me His Wife Never Gave Him Peace Before His Death - Esther Nwachukwu
Entertainment1 day ago

Junior Pope Told Me His Wife Never Gave Him Peace Before His Death – Esther Nwachukwu

Actor Olatayo Amokade 'Ijebu' Show Off His Newly Acquired Car [Photos]
Entertainment1 day ago

Actor Olatayo Amokade ‘Ijebu’ Show Off His Newly Acquired Car [Photos]

Tinubu Replaces Bello-Bako With Abubakar Dansoho As Managing Director Of NPA
News1 day ago

Tinubu Replaces Bello-Bako With Abubakar Dantsoho As Managing Director Of NPA

How Hundreds Of Boko Haram Terrorists Escaped In Niger Prison Break
Metro2 days ago

How Hundreds Of Boko Haram Terrorists Escaped In Niger Prison Break

Secondary School Collapses In Plateau, Killing Over 16 Students
Metro2 days ago

Secondary School Collapses In Plateau, Killing Over 16 Students

"Chatter Is Live" - Davido Announces Launch Of His Own Social Media Platform
Entertainment2 days ago

“Chatter Is Live” – Davido Announces Launch Of His Own Social Media Platform

Court Grants N10bn Bail To Ex-Power Minister, Saleh Mamman Over Alleged N33bn Fraud
News2 days ago

Court Grants N10bn Bail To Ex-Power Minister, Saleh Mamman Over Alleged N33bn Fraud

"I Can Never Overemphasise The Joy I Found In Peace" - Tonto Dikeh Declares
Entertainment2 days ago

“I Can Never Overemphasise The Joy I Found In Peace” – Tonto Dikeh Declares

“I'm Ready To Walk With You Forever” – Biodun Okeowo Tells Fiance Ahead Of Wedding
Entertainment2 days ago

“I’m Ready To Walk With You Forever” – Biodun Okeowo Tells Fiance Ahead Of Wedding

"Are You Okay?" - Tacha Akide Playfully Dances And Twerks In Hospital Room [Video]
Celebrities2 days ago

“Are You Okay?” – Tacha Akide Playfully Dances And Twerks In Hospital Room [Video]

Yhemo Lee And Girlfriend, Thayour Set To Get Married, Share Wedding Invites [Video]
Celebrities2 days ago

Yhemo Lee And Girlfriend, Thayour Set To Get Married, Share Wedding Invites [Video]