BY AMAKA ABAYOMI
The Central Bank of Nigeria, CBN, has extended the deadline for sanctions on cashless Lagos implementation to March 30, 2012, to give people time to migrate to electronic channels and experience the infrastructure put in place.

According to a statement  by the Director, Currency Operations Department, CBN, Mr. Mahmoud Umar, banks are to encourage their customers to migrate to electronic channels, and where possible demonstrate the costs that will accrue to those who continue to transact high volumes of cash after March 31 in Lagos.

“Only CIT licensed companies shall be allowed to provide cash pick-up services. Banks will cease cash in transit lodgment services rendered to merchant-customers in Lagos from December 31 st 2011. Any Bank that continues to offer cash in transit lodgment services to merchants shall be sanctioned accordingly.

“The pilot scheme shall be run in Lagos State, and 3rd party cheques above N150,000 shall not be eligible for encashment over the counter. This was because value for such cheques shall be received through the clearing house.

“The cash-policy applies to all accounts, including collection accounts. Banks are to work with their corporate customers to arrange for suitable e-collection options.

“Charges shall apply from March 30, 2012 in Lagos, and service charge for daily cumulative deposits above the limit into an account shall be borne by the account holder”, the statement said.