Thread by @yinkanubi

This morning, a colleague walked up to me saying she heard that the CBN wants to start charging for every bank deposits she makes. I didn't have the strength to start arguing, I just gave her the circular and asked her to read it. She got the message. #CashlessPolicy

A THREAD

The prelude to this new circular was actually one issued in April 2017 where the CBN suspended the new withdrawal and deposits charges nationwide but maintained only the withdrawal processesing charges for Lagos, Ogun, Kano, Abia, Anambra, Rivers FCT. #CashlessPolicy

So what has changed? Nothing much. The only thing that has changed is the introduction of the processing fees for lodgments in the selected States. The processing fees for withdrawals remain the same and nationwide implementation is still not under March 2020. #CashlessPolicy

So what is the implications of this new circular for individuals & corporates?

For individuals, if you make a deposit of N1m cash in your account, the first N500k will be free but the remaining will be subject to a 2% charge. Meaning you'll be charged N10,000. #CashlessPolicy

For Corporates, if you make a deposit of N6m cash in your account, the first N3m will be free but the remaining N3m will be subject to a 3% charge. Meaning you'll be charged N90,000.00 #CashlessPolicy

When you want to cure darkness, you don't need to do anything fantastic. Just introduce light. Sometimes, the way to cure ignorance is just to make people read the fine prints of the letter. That is a message for someone today. Hope they are willing to read. #CashlessPolicy