CBN Revises Cash-less Policy; Introduces New Charges For Deposits & Withdrawals

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Nairametrics| The Central Bank Of Nigeria (CBN) today released a circular revising its cash-less policy. The policy becomes effective from the 1st of April 2017.

Here are the new charges;

These are some of the highlights of the new policy

• Charges on deposits above 500,000 naira have been reintroduced.
• Charges on deposits and withdrawals for individual and corporate accounts have been revised.
• The policy will take effect from the 1st of April with the existing cashless states ( Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT)
•  The revised policy will then kick in across other states in the federation between May and October 2017.
• Income generated from the processing fees shall be shared in the ratio 40/60 between the CBN and commercial banks
• Existing exemptions exist for the following categories:
• Revenue generating accounts of the federal, state and local government (lodgements only).
  Embassies, diplomatic missions, multilateral and Aid donor agencies are exempted from all processing fees relating to the cash-less policy implementation.

The CBN introduced the cash-less policy in 2012 under the leadership of HRH Emir Sanusi Lamido Sanusi and rolled it across all states of the Federation on July 1 2014. Withdrawal rates for about above N500k was 3% and 5% for individuals and corporates respectively. The charges are only paid for cash withdrawals above N500k.

Expect, a message from your bank anytime soon. 

Here is a link to the policy.