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Cashless policy goes nationwide July 1

The Central Bank of Nigeria, CBN, yesterday, said it had granted a one-year waiver on charges above the withdrawal limits for both individual and corporate bodies in the 30 states that will join the train of the cashless policy on July 1.

Point of Sales, POS, facilities
Point of Sales, POS, facilities

The apex bank said, however, that the charges on withdrawal limits will continue to apply in Abia, Anambra, Lagos, Ogun, Kano, Rivers states and the Federal Capital Territory, FCT, where the pilot phase of the policy had been successfully implemented.

The CBN, in a statement by its Head, Corporate Communication, Mr. Isaac Okorafor, said: “Having successfully completed phases 1 and 2 of the cashless policy in six pilot states and the Federal Capital Territory, the management of the Central Bank of Nigeria, hereby, notifies all stakeholders and the general public that phase 3 of the policy’s implementation will commence as scheduled on July 1 in the remaining 30 states of the federation.

“Charges on withdrawals for both individual and corporate account holders will only take effect in the 30 states from July 1, 2015.

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


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