Here's all you need to know about new cashless policy of CBN in Nigeria and how it affects you and what you need to do.
Earlier this week, the CBN announced the commencement of the cashless policy in few States and the plan for full countrywide implementation come March 2020. How are you affected?
It's all about discouraging cash based transactions.
By implication, you get charged for dealing in cash in excess of the allowed threshold. Here are the facts and figures.
Individuals
There are 2 categories of transactions here. The threshold is N500,000
For withdrawal, you get charged 3% and for deposit you get charged 2%.
Companies
The threshold here is N3,000,000 exceeding which you get charged 5% for withdrawals and 3% for deposits.
With these charges in mind, it's important to limit your cash based transactions daily.
If you sell and generate a lot of cash, encourage your buyers to send you transfers instead. Also, approach your bank to give you POS and other collection solutions suitable for you.
Also, when receiving payments, adopt epayment solutions over cash.
This is all you need and you do t need to worry about the whole cashless thing.
Contact me if you need further guide.
Thank you.
About the new cashless policy: how it affects you and what to do
Why not start the policy national wide same time? Why subjecting the south the deal eight months ahead of the north?
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