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Shehu Sani Blows Hot Over New CBN Cashless Policy

A former lawmaker representing Kaduna Central at the National Assembly, Senator Shehu Sani, has condemned the Central Bank of Nigeria (CBN)’s latest policy to attach charges to cash deposits or withdrawals made by customers.

Naija News reports that the Central Bank of Nigeria (CBN) has ordered the implementation of a new phase of its cashless policy which will see Nigerians charged for certain categories of deposits and withdrawals.

In a circular, dated September 17, 2019, the CBN’s Director of Payments System Management Department, Sam Okojere, instructed deposit money banks to implement the policy starting from September 18.

“Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective September 18, 2019,” the statement read.

According to the policy, a 3% processing fee will be charged for withdrawals of amounts above N500,000 for individual accounts, while 2% will be charged for deposits.

For corporate accounts, a processing fee of 5% will be charged for withdrawals, and 3% for deposits of amounts above N3 million.

Reacting in a post on his Twitter page, Shehu Sani said the new policy was “corporate extortion”.

He wrote: “The new directives to Banks amounts to selective corporate extortion.”

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