The Central Bank of Nigeria has made clarification on the 2 per cent charge on the N500,000 per day deposit in banks.
The Apex bank explained that the charges would only affect anyone that exceeded the N500,000 daily limit.
The CBN offered the explanation on its Twitter handle on Friday.
It tweeted: “The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, 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 Policy is to encourage the use of electronic means of transaction and reduce but not eliminate Cash based transactions. Thank you.”