The Central Bank of Nigeria (CBN) having monitored the
partial implementation of the Cash-less Policy in Lagos State and following
discussions with various stakeholders on the effective implementation of the
project, has decided to reassess the policy to allow for smooth transition and
adoption in Lagos State in the first instance, and the entire country at a
later date.
Consequently, the CBN as a responsive institution has
reviewed the policy as follows:
1. Daily Cumulative Cash
Withdrawals/Lodgments Limits: The daily cumulative limits of N150, 000 and N1
million have been reviewed upwards to N500, 000 and N3 million on free
withdrawals and lodgments by individual and corporate customers respectively.
2. Processing fee for withdrawals: The
processing fee for withdrawals above the limit for individual customers has
been reviewed downwards from 10% to 3%, while the processing fee for
withdrawals above the limit for corporate bodies has also been reviewed downwards
from 20% to 5%.
3. Processing fee for lodgments: The
processing fee for lodgments above the limit for individual customers has been
reviewed downwards from 10% to 2%, while the processing fee for lodgments above
the limit for corporate bodies has also been reviewed downwards from 20% to
3%.4.
Exemptions:
Exemptions have been granted to Ministries, Departments and
Agencies (MDAs) of the federal and state governments on lodgments for accounts operated
by them, for the purpose of revenue collections ONLY.
The cash-less policy applies to transactions conducted in
branches of banks situated in Lagos State only for now. The implementation of
the newly approved processing charges by deposit money banks in Lagos State
will commence on April 1, 2012. It should, however, be noted that the charges
are subject to review every six months.
Meanwhile, the pilot programme in Lagos State has now been
extended to December 31, 2012 in order to allow people to be more conversant
with the new initiative. As such, the roll-out of the programme in other states
of the federation has been deferred to January 1, 2013
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