Cash-less Policy Not Intended To Punish Hardworking Nigerian businesses – CBN Gov

The Governor of the Central Bank Of Nigeria, CBN, Godwin Emefiele has assured Nigerians that the new cashless policy by the country’s apex bank was “not intended to punish hard working Nigerian businesses”

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Mr. Emefiele gave the assurance while be briefing newsmen today, September 20, 2019, on the decisions of the Monetary Policy Committee (MPC).

According to the CBN boss, the Financial body introduced the new policy to further deepen financial inclusion in country.

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Recall that the CBN had recently introduced charges to cash transactions in excess of N500,000 and N3,000,000 for individual and coperate account.

The new policy would see individuals pay 2% charge on deposits exceeding N500,000 and 3% on withdrawals; for coperate accounts, 3% charge on deposits in excess of N3,000,000 while withdrawal will attract a 5% charge.

Click here to read all about the new policy.

Owing to the controversy and backlash the new policy has attracted, the CBN Governor held a press conference Friday to further educate the general public how it works.

He also assured Nigerians that there is no threat to the country’s Reserves over the Process and Industrial Development Limited (P&ID) court judgement.

What’s you opinion on the new policy? Leave your comments below.

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