CBN Cash-less Policy takes off 1st January 2013 in all states

The CBN in a release in Abuja on 19th February 2012 made some changes in the cashless policy; below are some highlights in the new policy




• CBN’s cashless policy takes off in all state including Abuja on 1st January 2013
• The pilot run in Lagos continues till 31st December 2012
• implementation of the newly approved processing charges by deposit money banks in Lagos State will commence on April 1, 2012.
• daily cumulative cash withdrawals/lodgments for individuals has been reviewed upwards to N500,000
• daily cumulative cash withdrawals/lodgments for corporate customers has been reviewed upwards to N3,000,000
• The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10 percent to 3 percent
• the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20 per cent to 5 per cent
• The processing fee for lodgments above the limit for individual customers has been reviewed downwards from 10 percent to 2 percent.
• the processing fee for lodgments above the limit for corporate bodies has also been reviewed downwards from 20 per cent to three percent
• exemptions have been granted to Ministries, Departments and Agencies (MDAs) of the federal and state governments on lodgments for accounts operated by them, for the purpose of revenue collections only

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