First Bank of Nigeria has said it would, from October 1, begin implementation of the cashless policy of the Central Bank of Nigeria, which stipulates that banks should charge customers for every cash deposit and withdrawal exceeding N500,000 for individuals and N3 million for corporate organisations.

The CBN directive on cashless policy mandates all banks to charge individual customers 3 per cent of excess cash above N500,000 for all withdrawals and 2 per cent of excess cash above N500, 000 for all deposits. It also mandated banks to charge corporate organisations 5 per cent of excess cash above N3 million for all withdrawals and 3 per cent of excess cash above N3 million for all deposits.

Although banks had since commenced implementation of the charges for excess cash in Lagos state, they deferred it in the Federal Capital Territory and five states of the federation namely Abia, Anambra, Kano, Ogun and Rivers, according to CBN directives. The idea is to enable the states get used to the cashless policy that was introduced to them some months ago.

Source: Thisday