Recently, the Central Bank of Nigeria in a circular to all deposit money bank (DMBs) signed by the Director, Payments System Management Department, Sam Okojere, announced the approval of additional charges on cash deposits by customers in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the Federal Capital Territory.
The circular said the CBN approved 3 per cent to be charged as processing fees on all withdrawals and 2 per cent for cash lodgments in individual accounts in excess of N500,000.
Also, the circular said withdrawals in excess of N3 million from corporate accounts would henceforth attract 5 per cent charge as processing fees and 3 per cent on lodgments in excess of N3 million.
How This Affects Cryptocurrency
Most cryptocurrency newbies and critics have greatly emphasized on the transaction fees charged by crypto wallet service companies and Exchanges as a reason why most newbies or potential crypto users will not find cryptocurrency attractive. Especially in developing countries like Nigeria.
With this new Bank Charges introduced by the Central Bank Of Nigeria, cryptocurrency transactions has now become far less expensive than cash transactions. This will attract more Nigerians to explore the potentials that lie within cryptocurrency and blockchain.
In as much as most Nigerian bank customers are not comfortable with this development, we at the forefront of creating mass cryptocurrency adoption in Nigeria,, are very much pleased with this development. It’s a plus to the Nigerian Cryptocurrency Industry
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