Lagos – (NAN) The Central Bank of Nigeria (CBN) on Tuesday exempted embassies, diplomatic missions, multilateral and aid donor agencies from penalties and charges on daily cash withdrawal and deposit limits.
The CBN disclosed this in a circular posted on its website on Tuesday to all banks, Cash-in-Transit (CIT) companies, payment system services providers and switches.
Others include the issuers and processors, card acquirers and the general public.
The circular was titled “Industry Policy on Retail Cash Collection and Lodgment (IITP/C/001) as it Affects Specialised International Institutions”.
The circular, signed by the Acting Director, Banking and Payments System Department, Mr Giaus Emokpae, said that the exemption was because Nigeria was signatory to several treaties.
It said the apex bank therefore exempted the above mentioned institutions from all fees and charges as penalties on the daily cash withdrawal and deposit limit in the country.
It said that as a matter of international practice, sovereign states would not impose financial penalties on other sovereign states.
The circular said that it, therefore, became necessary to extend the exemption on cash withdrawal and deposit limits to the institutions.
The News Agency of Nigeria (NAN) recalled that the apex bank, had on March 5, exempted mortgage banks and microfinance banks from the cash withdrawal and deposit limits.
CBN said that the specialised banks should be able to have access to amount above the daily withdrawal and deposit limits because of the nature of the business and to be able to satisfy their customers. (NAN
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