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Date: November 24, 2020, 07:51:47 PM


Why CBN Introduced The Cashless Policy: Metro : - Nigeria's Premier Online Forum


Why CBN Introduced The Cashless Policy

By: princepoint |Time : September 20, 2019, 10:26:05 AM
CBN Policy Says Cash Withdrawal and Deposits of 500k or more are to attract additional charges.
The policy is Straight and Simple.

if you want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.
Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.
Now the question is why?
The answer is because the government is trying to encourage "a cashless economy".
So how do you avoid this penalty?
Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them.
if someone wants to pay you 500K don't collect it since You know You can't keep it in the house but will take it to bank who will then charge You for the deposit.

Instead, tell the person to use the POS or transfer to Your account or they pay You through USSD CODE.
This way, the Cashless Policy Will be Properly Implemented.

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