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As part of its cashless policy initiatives, the Central Bank of Nigeria (CBN), yesterday, announced that banks will now be allowed to take charges on customer deposits in excess of N500 thousand (individuals) and N3 million (corporates), respectively. This new measure builds on previously issued guidelines related to charges on large cash withdrawals.

In line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment, the Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs).

As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria meets today to review key issues around the monetary policy rate (Interest Rate), Cash Reserve Ratio (CRR), Liquidity Ratio and the Asymmetrical rate Corridor , various local stakeholders expect the Bank to hold indicative policy ratios constant as it assess the impact of the last rate cut.