The central bank of Nigeria has left Nigerians in various reactions following the announcement of the cashless policy.
However CBN has given more insight into the law and its mode of operation it has initially given to the public.
As a result of misinterpretation of the CBN announcement on cashless policy, the CBN, taken step to ease the tension on its verified Twitter handle by explaining that “The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit.
Sighting that, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.”
The House of Representatives has called on the CBN to suspend the cashless policy initiative as the response of the populace towards the policy is negative.