Central Bank of
The apex bank had in
The CBN in a memo to the money deposit banks signed by the director banking and payment system department,
It further directed that bank staff in the affected states should be
trained on the policy in order to provide answers to enquiries, give useful advice and handle issues and complaints on the policy.
The CBN also advised banks to engage their key customers and other stakeholders on the importance of the policy.
Before now some banks had notified their customers on the charges on both cash withdrawals and deposits.
Individual daily cash withdrawals or cash deposits that exceed N500,000will attract a 2 per cent charge on the excess, 3 per cent charges onthe excess withdrawal. As for the corporate institutions' withdrawal anddeposit above N3 million will attract 3 per cent on the excess and 5 percent on the excess withdrawal.
The new policy is designed to reduce the amount of physical cash (coins and notes) circulating inthe economy, and encourage more electronic-based transactions(payments for goods, services and transfers.
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