Cashless policy: CBN gives 1year waiver on withdrawal charges

By IAfrica
In Nigeria
Jun 24th, 2014
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Published on June 25, 2014 by   ·   No Comments

The Central Bank of Nigeria has granted one year withdrawal waiver charges on individual and corporate accounts in the remaining 30 states which will implement the cashless policy on 1 July.

This was contained in a statement signed by Isaac Okoroafor, Deputy Director, Corporate Communications in Abuja on Tuesday.

NAN reports that the cashless policy was implemented in six states: Lagos, Rivers, Anambra, Kano, Ogun, Abia and Federal Capital Territory.

“Under the policy, individual cash withdrawal above N500, 000 will attracts 3 per cent charges, while corporate accounts withdrawal of above three million naira will attract 5 per cent charges.

Godwin Emefiele: CBN governor

Godwin Emefiele: CBN governor

“Also, deposit above N500, 000 by individual customer attracts 2 per cent charges, while that of corporate above three million naira attracts 3 per cent charge,” the statement added.

It stated that the apex bank had successfully completed phases one and two of the cashless policy in six pilot states and the FCT.

“The management of the CBN hereby notifies all stakeholders and the public that phase three of the policy’s implementation will commence as scheduled on July 1 in the remaining 30 states of the federation.

“However, as was the case in the pilot states, a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for rollout in phase three,” it stated.

According to the statement, withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers, and the FCT.

It added that charges on withdrawals for both individual and corporate account holders would take effect in the 30 states from 1 July 2015.

“This waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy and additional sensitisation of various stakeholders on the merits of the policy.

“All financial institutions and the general public should please take note,” the statement read.

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