As reactions continue to mount following the announcement by the Central Bank of Nigeria  (CBN) on cashless policy, the apex bank has given more insight into the mode of operation on the policy.

With fears and tension, which apparently, was as a result of misinterpretation of the CBN announcement on cashless policy, the CBN, on its verified Twitter handle, explained that “The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.”

The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.

— Central Bank of Nigeria (@cenbank) September 20, 2019

In reaction to what many thought was a stringent move, the House of Representatives has called on the CBN to suspend the cashless policy initiative.

Meanwhile, some economic experts and stakeholders have lauded the initiative.

Vanguard