CBN'S CASHLESS POLICY TAKES EFFECT IN ABUJA


(01/07/2013)

The Central Bank of Nigeria (CBN) has extended the cashless policy to Abuja (FCT) effective July 1st 2013. Other states that joined in the cashless polcy are Rivers, Kano, Anambra and Abia States. The cashless policy has been in force in Lagos since 2012


The cashless policy, whose implementation began in Lagos in January, 2012, is aimed at reducing the dominance of cash in the system. The policy specifies penal charges for individuals and corporate organisations that want to withdraw or lodge cash above prescribed limits.

Under the policy, the CBN pegged the daily cumulative cash withdrawal or deposit limit for individual accounts at N500,000 per day and N3 million per day for corporate accounts.

The Policy which was to be rolled out nationwide from January 2013 was defered due to infrastructural challenges.

Highlights of the policy include;

*daily cumulative cash withdrawals/deposits for individuals is N500,000.00

*daily cumulative cash withdrawals/deposits for corporate customers is N3,000,000.00

*The processing fee for withdrawals above the limit for individual customers is 3 percent of the excess.

*the processing fee for withdrawals above the limit for corporate bodies is 5 percent.

*the processing fee for lodgments above the limit for individual customers is 2 percent.

*the processing fee for lodgments above the limit for corporate bodies is 3 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.

The Central Bank of Nigeria has however deferred the implementation of cashless policy charges on lodgments and withdrawals in Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States till October 1st 2013. This according to CBN is so as to allow customers adjust to the new policy.

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