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#1 » by Erudite (f) (β1111) » September 21st, 2019, 6:15 am

The governor of Nigeria's apex bank Emefiele has emphasized that there's no turning back on cashless policy and implementation. Mr Godwin Emefiele said this while briefing journalists shortly after the Monetary Policy Committee meeting.

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You may recall that the apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgements of amounts above N500, 000 for individual accounts.

For corporate accounts, CBN in the circular said that DMBs would charge five per cent processing fees on withdrawals and three processing fee on lodgements of amounts above N3m.

The House of Representatives had on Thursday through a resolution directed the apex bank to suspend the policy.


In response, Governor Emefiele said if the Nigerian economy was to compete effectively with those of developed countries, a payment system that encourages the use of non-cash channels was desirable.

So, Nigeria, be ready!


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#2 » by NiceGuy (m) (β2713) » September 21st, 2019, 7:25 am

That's nice. Let's go cashless :excited:
I'm really not that nice... :mrgreen:

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