CBN CASHLESS POLICY
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.
This policy aims at encouraging electronic-based transactions (online/electronic payments for goods, services, transfers, etc.)
This policy takes effect in Abuja from the 1st of January, 2013. The pilot of the policy was been in effect in Lagos since early of 2012.
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 exess.
- 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.
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