Nigeria: Implementation of Cashless Policy
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In a circular to all Deposit Money Banks in Nigeria, the Central Bank of Nigeria (CBN) has stated that charges will apply on cash deposits made in select states in Nigeria, effective September 18, 2019.
According to the CBN, there will be two percent processing fees for any cash deposit or withdrawal above N500,000 for individual accounts. For corporate accounts, three percent processing fees will apply to cash withdrawal or deposit exceeding N3,000,000.
Nationwide implementation of the cashless policy, according to the regulator, will take effect from March 31, 2020.