The Central Bank Of Nigeria, CBN, has stated that bank customers were at liberty to decide if they pay the new charges on withdrawals and deposits, under the recently introduced cashless policy.

The monetary committee of the country’s apex Bank had introduced a new policy which it says aims at encouraging a cashless society.

The new policy will see individual and coperate accounts pay fines on deposits and withdrawals in excess of N500,000 and N3,000,000 respectively.

Following outrage this has received, the CBN has been doing its best to further convince the banking public this was not made to punish them.

It took to its twitter Sunday morning the charges were optional as there existed other ways on could carry out transactions without having to pay a fine.

“Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses. CBN has provided various options to receive and and pay out money above the limits without having to pay any charge” – a tweet from the official twitter page of CBN

Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses. CBN has provided various options to receive and and pay out money above the limits without having to pay any charge

— Central Bank of Nigeria (@cenbank) September 22, 2019