The Central Bank of Nigeria (CBN) has explained the new cashless policy that it introduced on September 17, 2019.
The new policy was greeted by outrage by Nigerians who frowned at the introduction of processing charges for cash deposits and withdrawals above N500,000 and N3,000,000 for individual and corporate accounts respectively.
But the CBN on Friday in a tweet that emanated from its official Twitter handle, @cenbank explained that the new charges only applies to the amount in the excess of the limits stipulated for both individual and corporate accounts.
The House of Representatives had asked the apex bank to suspend the implementation of the cashless policy that kicked off in 5 states and the Federal Capital Territory on Tuesday. The affected states are Lagos,Anambra,Abia, Rivers, Kano, Ogun states and the FCT.