Complying with CBN’s Policy on Cashless Economy – Globasure News Updates.

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The maximum amount of transactions over-the-counter (OTC) cash withdrawal for third-party cheques of N150,000.00 presently operational in Lagos has been extended nationwide effective June 1, 2013 for individual and corporate accounts. Further to this, the CBN cashless policy will commence in the Federal Capital Territory (Abuja) and five other states namely: AbiaAnambraKano,Ogun and Rivers effective July 1, 2013. Consequently, the following modalities will be applicable to cash transactions in the above locations from July 1, 2013.

  1. The maximum daily cumulative cash transactions (withdrawals and deposits) by individual and corporate accounts would be N500,000.00 and N3,000,000.00 respectively. A penalty (for amounts above the limits) will be charged as follows:

1. Banks will no longer be allowed to render cash-in-transit (CIT) services to customers. However, customers requiring cash pick up services are advised to liaise with the CBN approved CIT companies. 2. Exemption has 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). Bank Account holders are encouraged to contact their nearest bank branch to seek for alternative electronic means of payments to support their transactions.

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