The Central Bank of Nigeria, CBN on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020.
The apex bank in a circular to all Deposit Money Banks in the country, said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.
According to the circular, the charges, which take effect from Wednesday, September 18, 2019, will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three processing fee for lodgments of amounts above N3,000,000.
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.
It added that the implementation of the cash-less policy would take effect from March 31, 2020.