The Central Bank of Nigeria sent out a tweet this morning in a bid to clarify its rather controversial cashless policy. According to the apex bank, extra charges will only be imposed on cash deposits and withdrawals (by individuals and companies) that exceed the official limits of N500, 000 and N3 million, respectively.
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.
— Central Bank of Nigeria (@cenbank) September 20, 2019
Despite the explanation, Nigerians have continued to express their complete dislike for the policy. Many of those responding to CBN’s latest tweet said the explanation is unnecessary. For them, the apex bank needs to focus on more important stuff, like how to make the naira have more valuable
Instead you guys should think of making the Naira more valuable… Ur here coming up with something that's not useful
— Nemerem Ezeoka (@nemze4real_0) September 20, 2019
Someone even pointed out that the CBN is supposedly changing its tactics on the matter people majority of Nigerians are very pissed off by the development.
Changing tactics because people are completely pissed and against you. No matter what that's stupid. Daylight robbery. House of reps did the right thing. Circulate more cash especially lower denominations. Remove every mutilated notes in the country.
— Ayman Ameen (@A_sleemy) September 20, 2019
Nwafor O. Victory believed the Central Bank of Nigeria should have tried to properly sensitize Nigerians on the entailment of the policy prior to implementing it. That way, many people wouldn’t have been taken by surprise as they were.
You should have done this (sensitisation) before harshly releasing the circular of the policy you wish to enforce.
— Nwafor O. Victory Jb (@novjb) September 20, 2019
Recall that the CBN made the announcement earlier this week, stating that partial implementation of the policy will immediately take effect in the Federal Capital Territory and six other states namely: Abia, Anambra, Kano, Lagos, Ogun, and Rivers. Country-wide implementation of the same policy is expected in March 2020.
[READ: PwC’s Taiwo Oyedele critiques CBN’s newly-implemented cashless policy]
The announcement drew widespread criticism from Nigerians, many of whom did not even understand what exactly the cashless policy really entails. As far as these people are concerned, any extra charge for withdrawing/depositing money is not welcome. Some professionals have also constructively criticised the policy, including PwC Nigeria’s Tax Lead Taiwo Oyedele who said more advance notice should have been given to enable companies and individuals to gradually adjust to the system.
In the meantime, Members of Nigeria’s House of Representatives, yesterday, directed the Central Bank of Nigeria to suspend the policy pending the time relevant stakeholders in the banking sector are duly consulted on the matter.
[READ: Why lawmakers moved against CBN’s newly introduced charges on deposits]
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