…says it cost a fortune to mint Naira notes
By Festus Ahon
CENTRAL Bank of Nigeria, CBN, said its cashless policy was to cut down the volume of cash in circulation and to place Nigeria on the scoreboard of global best practices, disclosing that the policy has been put to test in five states in Nigeria including FCT.
Noting that it would go nationwide on March 31, 2020, the CBN said the policy posits that for individual accounts, cash transactions above ₦500,000 attract 2% and 3% processing fees for withdrawals and deposits respectively while for corporate accounts, processing fees of 5% and 3% would be charged on cash withdrawals and deposits above ₦3 million.
The Director, Corporate Communication of the CBN, Mr Isaac Okorafor, who spoke during the bank’s Fair, held in Asaba, held that the policy which took effect from September 18 2019, naming the States to include; Lagos, Ogun, Kano, Anambra, Abia, Rivers, and the FCT, with the thrust…
Source: Vanguard Newspaper
