CENTRAL BANK OF NIGERIA'S CASHLESS POLICY EXTENDS TO SIX MORE STATES

 The cash-less policy, which is currently operational in Lagos State, aims at reducing the amount of physical cash circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.).

This policy will drive development and modernization of our payment system within these States as all individuals and corporates will be encouraged to adopt electronic payment and banking options.

The following modalities will thereby apply in the above mentioned States from July 1, 2013:
 

    1. The cash-in-transit lodgment and cash evacuation services will no longer be available to customers or merchants.
    2. 3rd party cheques above N150,000 shall NOT be eligible for encashment over the counter. Value for such cheques shall only be received through lodgments into customer's account.
    3. For individual account holders, charges will apply when daily withdrawals and deposits are in excess of N500,000
    4. For corporate account holders, charges will apply when daily withdrawals and deposits are in excess of N3,000,000

Please find the applicable charges below:

 
Deposit    Withdrawal
Individual    2% on excess    3% on excess
Corporate    3% on excess    5% on excess

Kindly note that the above limits apply so far as it involves cash, irrespective of channel i.e over the counter, ATM, 3rd party cheques cashed over the counter etc. For example, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000

Exemptions have however been granted on lodgments and withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).