Cashless Policy Begins Nationwide

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The CBN’s Cashless policy initiative which was piloted in Lagos, Abuja, Abia, Anambra, Kano, Ogun and Rivers state has been rolled out nationwide starting from the 1st of July 2014.

The Cashless policy charges currently imposed in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers State will continue to apply however the beginning of the charges in the remaining 30 states has been postponed till July 1, 2015.

Please see below a breakdown of the charges applicable in these states:

S/N Class Daily Withdrawal Amount Charge on Excess Amount
1 Individual N500,000 3%
2 Corporate N3,000,000 5%

The above charges will be applied to cash withdrawn exceeding the daily withdrawal limit, irrespective of the channel used to perform the transactions (e.g. ATM, over the counter cash withdrawal and 3rd party cheques cashed at a branch).

The Cashless policy has been introduced to do the following:

Establish a change in our payments systems in Nigeria. This is very important for economic growth and ultimately attainment of the Nigeria’s Vision 20:2020.

Reduce the huge costs of providing banking services. The money saved will be used to lend credit to Nigerians.

Help the Central Bank and commercial banks better manage our economy to ensure that our Monetary Policy works.

The Cashless policy initiative is a major step in driving Nigeria”s economy forward and all Nigerians should fully support this great endeavour.

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