Public reforms advocate, Dr. Joe Abah, has said that the Central Bank of Nigeria acts as if the nation is still under military rule, criticising the way it issued the latest cashless policy directive.
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The CBN had on Tuesday issued a circular that the nationwide implementation of the cashless policy will begin by March 2020.
In reaction, the former Director General of the Bureau of Public Service Reforms derided the arbitrary manner in which the national banker made the announcement and its implementation.
He tweeted, “Our Central Bank still thinks we are in the military era. If, for whatever reason, you are going to introduce charges for deposits, will you just issue a circular? No explanation? No justification? No sensitisation? You just issue a circular and call it cashless policy? Na waa o.”
Our Central Bank still thinks we are in the military era. If, for whatever reason, you are going to introduce charges for deposits, will you just issue a circular? No explanation? No justification? No sensitisation? You just issue a circular and call it cashless policy? Na waa o.
— Dr. Joe Abah (@DrJoeAbah) September 18, 2019
With the implementation of the cashless policy, there would be the imposition of charges on deposits in addition to already existing charges on withdrawals.
According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.
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