The Central Bank of Nigeria disclosed it would commence the application of charges to withdrawals and deposits above N500, 000 for individuals and N2 million for corporate bodies from October 2.

Deputy Governor, CBN Operations, Mr. Tunde Lemo, has said this in Abuja on Friday, briefing the newsmen at the end of the special forum on financing the Power Sector Reforms for Economic Development.

CEOAFRICA learnt from the statement of the CBN Deputy Governor that this move would ensure effective implementation of the cashless policy.

According to the Mr. Tunde Lemo, the CBN have been able to ramp facilities in Abuja and five other locations in readiness to build up critical mass requirement in the cashless policy in those areas.

He precisely stated that by October 2, any customer that deposited above N500, 000 per day would be charged two per cent payment on it while withdrawal would attract three per cent charge.

“For corporate bodies, the threshold is N2 million. If you deposit or withdraw any money above the threshold per day, if it is deposit, it will attract three per cent charges and if it is withdrawal, it attracts five per cent,” Lemo explained.

He concluded however that the apex bank is working with the telecoms to expand the bandwidth for service delivery on connectivity of Point of Sales (POS) and efficiency of Automated Teller Machines (ATM).