THE implementation of the much awaited Central Bank of
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,
The CBN, had in a notice by its
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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