NIGERIA: Full Implementation Of The Cash-Less Policy Begins Oct 2

The Central Bank of Nigeria will on Wednesday begin the full implementation of its cash-less policy in the Federal Capital Territory, Rivers, Kano, Anambra, Ogun and Abia states. This follows the end of a 3-month moratorium on the charges.

Henceforth, any customer who deposits above N500,000 per day from Wednesday would be charged three per cent, while withdrawals above the limit would attract five per cent charge.

The policy allows the CBN to peg the daily cash withdrawal or deposit for individual accounts at N500,000, while that of corporate accounts is fixed at N3m per day.

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Addressing journalists in Abuja on the commencement of the policy in FCT and 5 states, Deputy Governor of the CBN, Operations, Mr. Tunde Lemo, said the imposition of the charges on withdrawals higher than the prescribed limit would ensure an effective implementation of the cash-less policy.

He said, “We will start applying the charges from October 2, which is Wednesday, because the three months moratorium would have expired.

“We are glad to announce that having worked with stakeholders, we have been able to ramp up facilities in Abuja and five other locations, and then, we are set to build up the critical mass requirement for the cash-less policy in those areas.”

Lemo said, “For corporate bodies, the threshold is N2m. If you deposit or withdraw any money above the threshold per day, if it is deposit, it will attract three per cent charge, and if it is withdrawal, it attracts five per cent. Those are the charges that are already applicable in the Lagos area that we are now bringing to this location.”