See How Much Central Bank of Nigeria (CBN) wants to charge for Cash Deposits and Withdrawals

In a bid to enforce cashless policy, the Central Bank of Nigeria (CBN) has re-introduced charges on cash deposits and withdrawals in the following states Lagos, Ogun, Kano, Abia, Rivers Anambra and FCT effective from April 1, 2017.

This cashless policy will be effective in other states as follows;

cashless policy

The Charges for all cash deposits and withdrawals are as follows;

cashless policy

Exemptions have however been granted to Revenue Generating Accounts of the Federal, State and Local Government on cash deposits.

Embassies, Diplomatic missions, Multilateral and Aid Donor Agencies in Nigeria will also be exempted from all processing fees relating to the cashless policy Implementation.

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It is a pitiable situation, that for many years we have been running our Central Bank as a Commercial bank. The Central Bank Bank of Nigeria is more interested in generating revenue than developing the economy.

In a country like Nigeria, where the Central Bank should be more concerned about how to help the manufacturing sector and other SME’s grow and build a sustainable economy, they would rather be thinking of how to generate revenue, not minding the economic situation of the masses.

Charges are to be attached to cash deposits and withdrawal just to implement cashless policy. How about educating the populace and encouraging the banks to review charges on online transactions.