More light to CBN’s new cashless policy

The Central bank of Nigeria earlier greeted Nigerians with a sudden news of cashless policy implementations that definitely didn’t go down with most Nigerians.

The Apex bank had announced that charges would be incurred on both bank Deposits and withdrawals alike for cash above 500, 000 naira.

Most Nigerians were left guessing of the possible implications of this new monetary policies and asked for more explanations.

However, CBN had issued more lucid explanations via their verified Twitter handle stating that the policy would only affect people having physical cash but not otherwise.

Read Below…

Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses. CBN has provided various options to receive and and pay out money above the limits without having to pay any charge

— Central Bank of Nigeria (@cenbank) September 22, 2019

See people’s reactions below…

Please ask banks to comply with the #10,000 fine for none reversal of funds after 24hours. This highly placed crooks are making things worse for the common Nigerian. Emefiele God is watching you and your pay masters. Karma is inevitable 👍

— Isaac-Oghene Co. (@OIBcompany) September 22, 2019

That you woke up at 4:47AM to post this shows the flippancy and insensitivity the information carry

Why have you failed to implement the 10,000 Naira penalty on non-reversal of withdrawals after 24hrs from ATM?

You are a colossal failure and you know it

— Olufemi Sunday Oludotun (@Somidotun7) September 22, 2019

One of my Concerns is that this will increase sales of POS machines and cards that we don't produce.
Capital flight.

— Olatunji (@Adewale02390107) September 22, 2019

Shouldn’t there have been proper orientation before this policy was effected. You don’t expect the same Commercial Banks who will benefit from this to tell customers those options. For example what are those options you speak of?

— Yitkyim (@Yitkyim) September 22, 2019

About Author

Echezonam Ibezim Jk

A chemical engineer with cognitive flair for creative writing . He writes for fun and renders his reportage humorously to keep you entertained . His avid love for food inspires him the most as he hopes to make his blog a real entertainment hub.

See author's posts

JKCYNO BLOG

More light to CBN’s new cashless policy

About Author

Echezonam Ibezim Jk

One Reply to “More light to CBN’s new cashless policy”

Leave a Reply Cancel reply