By Adedapo Adesanya
Revenue-generating accounts of government agencies, ministries, microfinance banks and several others have been exempted from charges on cash withdrawal and deposits as imposed by the new cashless policy.
This directive came from the Central Bank of Nigeria (CBN) in a new circular addressed to all Deposit Money Banks (DMBs) and signed by Sam Okojere, the Director, Payment System Management Department.
In the circular, the apex bank, however, this exemption would only be till March 30, 2020 when it would be reviewed.
The circular also stated that all embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria are exempted from charges on cash withdrawal and deposits with regard to the implementation of the cashless policy.
The apex bank also disclosed that the float accounts of Mobile Money Operators and the accounts Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMI) kept with Domestic Money Banks (DMBs) are equally exempted from the charges on cash withdrawal and deposits.
Last month, Business Post reported that the CBN had imposed new charges on withdrawals and Deposits.
Following this, extra charges between 3 to 5 percent were be placed on cash deposits and withdrawals done by individuals and companies that exceed the official limits of N500,000 and N3 million, respectively.
The circular read in part: “Further to our previous circular on ‘Implementation of the Cash-less Policy’, please be informed that currently, the following are the existing exemptions until March 31, 2020 when it will be reviewed.
“Revenue generating accounts of the Federal, State and Local Governments; embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies in Nigeria, Ministries, Departments and Agencies of Government (revenue collection only); Mobile Money Operators (Float accounts only) and Micro Finance Banks (MFBs) and Primary Mortgage Institutions (PMls) accounts with DMBs.”
This means is one of the many revenue generating processes by the Federal Government which has been met with a lot of criticisms by Nigerians.
Modupe Gbadeyanka