CBN: IMPLEMENTATION OF THE CASHLESS POLICY, Dr. JOE ABAH REACTS

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Dr. Joe Abah, the public reform Advocate states that the Central Bank of Nigeria acts as if the nation is still under military rule. He criticises the way the Central Bank issued the latest cashless policy directive.

The Central Bank of Nigeria had on Tuesday announced a circular that the nationwide implementation of the cashless policy and also the commencement of charges on deposits in addition to already existing charges on withdrawals, to takes effect today, September the 18th, and this will attract three percent (3%) processing fees for withdrawals and two percent (2%) processing fees for fixture of amounts above 500,000 naira 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 per cent processing fee for fixture of amounts above N3, 000, 000.

This statement, however, explains that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory, while the implementation of the cash-less policy will take effect from March the 31st, 2020

The former Director General of the Bureau of Public Service Reforms reacting to the statement ridicules the arbitrary manner in which the national banker made the announcement and its implementation.

He tweeted, “Our Central Bank still thinks we are in the military era. If, for whatever reason, you are going to introduce charges for deposits, will you just issue a circular? No explanation? No justification? No sensitisation? You just issue a circular and call it cashless policy?

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