Cashless policy goes nationwide today

The cashless policy, an initiative of the Central Bank of Nigeria (CBN) and the Bankers’ Committee aimed at reducing the amount of cash in the system will be extended to 30 more states in the country from today.

The policy which commenced in Lagos state in 2012 was last year extended to Abia, Anambra, Ogun, Kano, Rivers States and the FCT.

However, just as in the states where the policy had been implemented, the Central Bank last week announced the deferment of charges for individuals and corporate account holders who wish to withdraw cash above the prescribed limits in the 30 states.

The charges on withdrawals for both individual and corporate account holders will now take effect in the remaining 30 States from July1, 2015.
The waiver is to allow sufficient time for the deployment of adequate infrastructure needed to support the policy.

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

But while unveiling his agenda for the Central Bank, the CBN Governor, Mr. Godwin Emefiele had stopped charges for cash lodgment.

Though, cash withdrawals above the limit for individual accounts attract a three per cent charge while corporate account holders are being charged five per cent.

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