CBN SAYS: CASHLESS POLICY IS TO CUT DOWN VOLUME OF MONEY IN CIRCULATION

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…says it break the bank to mint Naira notes.

CENTRAL Financial institution of Nigeria, CBN, talked about its cashless protection was to cut down the amount of cash in circulation and to place Nigeria on the scoreboard of worldwide most interesting practices, disclosing that the protection has been put to check-in 5 states in Nigeria along with FCT. Noting that it’d go nationwide on March 31, 2020, the CBN talked about the protection posits that for explicit particular person accounts, money transactions above ₦500,000 enchantment to 2% and three% processing expenses for withdrawals and deposits respectively whereas for company accounts, processing expenses of 5% and three% may be charged on money withdrawals and deposits above three million.

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Queenta N. Duru Irukahttp://www.evergreennewsonline.com
A certified Senior Reporter/Advert Executive Evergreennewoline, Creative Writer/Graphic Designer/Political Analysts/ Entrepreneur & Fashionista

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