CBN Begins Implementing Cashless Policy Nationwide April 1

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A Four-month staggered nationwide implementation of cashless policy of the Central Bank of Nigeria, CBN, nationwide will begin in April.

A CBN circular on the nationwide implementation of the policy made available to Realnews on February 22, explained that the move was part of decisions reached at the last Bankers’ Committee meeting.

The circular signed by Dipo Fatokun, director of Banking and Payments System Department of the CBN, showed that the policy implementation which will begin in April in some states will run through  May, August and October in others.

The circular states that the Bankers’ Committee at the 493rdrd meeting held on February 8, 2017, reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the remaining30 states of the federation.

“For the avoidance of doubt, the following decisions were taken at the meeting: Charges on deposits be reintroduced. Charges on deposits and withdrawals were reviewed and the new rates are indicated as follows:

“As for individual, no charges on deposit and withdrawals that is less than N500,000. But N500,000 to N1 million will attracts 1.5 per cent charge on deposit and 2 per cent on withdrawals. Above N1 million to N5 million attracts 2 per cent on deposit and 3 per cent on withdrawals, while those who deposit or withdraw amount that is above N5 million would be charged 3 per cent on deposit and 7.5 per cent on withdrawal.

“As for corporate bodies, there would be no charges on either the deposit or withdrawal of any amount less than N3 million. But from that amount up to N10 million carry 2 per cent charge on deposit and 5 per cent on withdrawals. Any amount above N10 million to N40 million, such corporate customer will be charged 3 per cent on deposit and 7.5 per cent on withdrawals. But above N40 million, 5 per cent will be charged on deposit and 10 per cent on withdrawals.”

“The new charges would take effect from April 1, 2017 in the existing cashless states of Lagos, Ogun, Kano, Abia, Anambra, Rivers and FCT

“The policy shall be implemented with the charges taking effect on May 1, 2017 in the following states: Bauch, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau.

The policy shall be implemented with the charges taking effect on August 1, 2017 in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa.

“The policy shall be implemented with the charges on October1, 2017 in Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.

“The income generated from the processing fees charged above the allowable cash transaction limits shall be shared between the CBN and the banks in the ratio of 40 to 60. Existing exemptions remain sustained”.

— Feb 23, 2017 @ 9:00 GMT

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