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Cashless Policy: CBN Oppresses Selected States, Increases Charges, Obaze Kicks


To promote the cashless policy in Nigeria, the Central Bank of Nigeria (CBN) has re-introduced charges on cash deposits.

This is in addition to the already existing charge on withdrawals.

The new police has become effective today, September 18, 2019, in Lagos, Ogun, Abia, Anambra, River States and Abuja.

What does this mean?

With the implementation of this new policy, all cash deposits or withdrawals above the transaction limit at any bank branches in these locations will attract the charges below:

Customer Type Transaction limits Charges for withdrawals Charges for deposits
Individual Above N500,000 3% 2%
Corporate Above N3,000,000 5% 3%

Reacting to the directive, a United Nations Diplomat and 2017 Anambra State Peoples Democratic Party [PDP] governorship candidate, Mr. Oseloka H. Obaze, said that it is discriminatory.

Mr Oseloka Obaze

Taking to his Twitter handle, Mr. Obaze said:

“The just announced @cenbank cashless policy, even with the best of intentions, is discriminatory as it targets selected States — #Lagos, #Ogun, #Kano, #Abia, #Anambra, #Rivers and #FCT — as pilot states, with no obvious statutory justification.

“Such a policy, which is punitive to affected states and preferential to unaffected states, undermine the sovereign equality of the 36 States.

“It should either be applied uniformly, or suspended immediately.

“As it stands, it is an egregious public policy inimical to business and commercial interests of the affected states,” he stressed.

See tweets below:

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