CBN’s cash-less policy takes-off in Lagos today

By Ibrahim Apekhade Yusuf

 

THE Central Bank of Nigeria (CBN) has reiterated its commitment to the cash-less policy as the pilot scheme kicks off in Lagos today.

Giving this assurance yesterday in a telephone interview with The Nation, Mr. Mohammed Abdullahi, Head of Corporate Affairs of the apex bank said guidelines for the smooth take off of the policy in Lagos from April 1 have been given. He added: "So there is no going back on the cash-less Lagos project."

The CBN, he stressed, "has stipulated a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N500,000 for individuals and N3,000,000 for corporate bodies", adding: "The new policy on cash-based transactions (withdrawals and deposits) in banks, aims at reducing and not eliminating the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions payments for goods, services, transfers, etc."

The policy which is expected to be rolled out to other regions across the country from January 1st next year, does not prohibit withdrawals or deposits above the stipulated amounts, but such transactions will be subject to cash handling charge, the CBN spokesman noted.