The
Central Bank of Nigeria will on Wednesday begin the full implementation
of its cash-less policy in the Federal Capital Territory, Rivers, Kano,
Anambra, Ogun and Abia states.
This follows the end of a three-month
moratorium on the charges given to customers who withdraw or deposit
higher than the amount stipulated in the cash-less policy document.
The policy allows the CBN to peg the
daily cumulative cash withdrawal or deposit limit for individual
accounts at N500,000, while that of corporate accounts is fixed at N3m
per day.
Addressing journalists in Abuja on the
commencement of the policy in the FCT and the five states, the Deputy
Governor, Operations, CBN, Mr. Tunde Lemo, said the imposition of the
charges on withdrawals higher than the prescribed limit would ensure an
effective implementation of the cash-less policy.
He said, “We will start applying the
charges from October 2, which is Wednesday, because the three months
moratorium would have expired.
“We are glad to announce that having
worked with stakeholders, we have been able to ramp up facilities in
Abuja and five other locations, and then, we are set to build up the
critical mass requirement for the cash-less policy in those areas.”
He said any customer who deposited above
N500,000 per day from Wednesday would be charged three per cent, while
withdrawals above the limit would attract five per cent charge.
Lemo said, “For corporate bodies, the
threshold is N2m. If you deposit or withdraw any money above the
threshold per day, if it is deposit, it will attract three per cent
charge, and if it is withdrawal, it attracts five per cent.
“Those are the charges that are already applicable in the Lagos area that we are now bringing to this location.”
He said customers needed not to pass
through the onerous task of depositing and withdrawing money over the
counter but should instead use electronic fund transfer.
The CBN deputy governor said electronic
payment in Lagos accounted for 70 per cent to 80 per cent of high value
transactions on daily basis.
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