Without any official pronouncement from the CBN, Deposit Money Banks cannot act outside the last instruction by the apex bank
Browsing: cashless policy
Bayo Onanuga, Director, Media and Publicity of the PCC, said this when he addressed newsmen on Thursday in Abuja.
He spoke before an Ad hoc Committee of the House of Representatives on change of currency and cashless policy.
This followed adoption of the recommendations of its Committee on Banking, Insurance and other Financial Matters.
The Central Bank of Nigeria says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits.
The reintroduction of the charges was contained in a circular to all Deposit Money Banks posted on the website of the CBN
Moving the motion, Pwajok expressed worry that the objectives for which the CBN introduced the policy were not being adhered to by public and financial institutions
Alhaji Najeem Yasin, the NURTW National President, told the News Agency of Nigeria in Abuja on Thursday that the project would be implemented through its Mobile Money Transfer project
According to the statement, withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers, and the FCT
This is no thanks to the Boko Haram insurgency and the cashless policy initiated by the Central Bank on Nigeria
The CBN, according to a message Guarantee Trust Bank sent out to its customers on Tuesday, was out to allow customers adjust to the new policy before sanctions are meted out for breaking the rules
The legislator said that low literacy level and the absence of constant power supply would discourage Nigerians from embracing the policy