News Column

CBN Cashless Policy Effective Today

July 1, 2014

Henry Ifeanyi



THE implementation of the much awaited Central Bank of Nigeria (CBN) cashless policy begins today across the 36 states of the federation.

The policy is aimed at reducing the physically handling of cash with the use electronic payment system such as Point of Sales (POS), Automated Teller Machines (ATM) and internet banking.

The policy also aims to reduce cash withdrawal limit to N500 000 for personal and N3 million for corporate accounts, among others.

With the policy in place, bank customers nationwide can no longer withdraw third party cheques valued above N150 000 across the counter.

The commencement of the policy today follows the successful completion of phases 1 and 2 of the policy in six pilot states- Abia, Anambra, Lagos, Ogun, Kano, Rivers- and the Federal Capital Territory (FCT).

The CBN, had in a notice by its Corporate Affairs Department to all stakeholders and the general public, said Phase 3 of the policy's implementation would commence in the remaining 30 States of the Federation on July 1 as scheduled.

The apex bank also said it had mapped out modalities to ensure the cashless policy succeeded in other parts of the state as it did in the pilot states.


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Source: AllAfrica


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