About the new cashless policy: how it affects you and what to do

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Erudite
Senior
Location: Naija
 

September 19th, 2019, 4:36 pm

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.
cashless.jpg
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.

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NiceGuy
Senior
Location: Lagos
 

September 19th, 2019, 9:43 pm

:good: :good:
I'm really not that nice... :mrgreen:
witch21
Newbie
 

September 20th, 2019, 3:38 am

This fine....
But let the most et generated be useful
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NiceGuy
Senior
Location: Lagos
 

September 20th, 2019, 3:47 am

witch21 wrote:This fine....
But let the most et generated be useful
:thnk: Don't get...
I'm really not that nice... :mrgreen:
Authority

September 21st, 2019, 6:38 am

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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NiceGuy
Senior
Location: Lagos
 

September 21st, 2019, 6:47 am

Authority wrote:Why not start the policy national wide same time? Why subjecting the south the deal eight months ahead of the north?
I wonder too o. :excited:
I'm really not that nice... :mrgreen:
Jude1458
Senior
 

July 23rd, 2020, 7:17 am

The world is already adopting to cashless transactions.. Nigeria is left behind
Gweng Jude
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simpl2
Senior
 

July 23rd, 2020, 8:56 am

Jude1458 wrote:The world is already adopting to cashless transactions.. Nigeria is left behind
Cant remember the last time I used cash or carry cash around. With time Nigeria will get there.
Tboss09
Newbie
 

July 25th, 2020, 1:06 am

We Nigerians are already getting used to it..
Ita been long I've been hearing of this..
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