CBN's Cashless Policy: Lagos Pilot Fully Commences.
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions. The Policy's pilot run is being conducted in Lagos, with the rest of the country to follow in January 2013.
The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions. The Policy's pilot run is being conducted in Lagos, with the rest of the country to follow in January 2013.
The Policy had earlier stipulated penalty charges of 10% and 20% for cash transactions exceeding N150,000 daily for individuals and N1,000,000 daily for corporates respectively. However, the policy was modified by the CBN shortly prior to the commencement of full implementation of the Policy, ushering in a new financial regime where emphasis shifts from cash based transactions to electronic means of conducting business.
Under the modified policy, cash transactions are subject to processing charges if they exceed the daily limits imposed by the Central Bank of Nigeria. These daily limits are now N500,000 for individuals and N3,000,000 for corporate bodies.
| CLASS | OLD RATE | NEW RATE | |
|---|---|---|---|
| DEPOSIT & WITHDRAWAL | DEPOSIT | WITHDRAWAL | |
| INDIVIDUAL | 10% | 2% | 3% |
| CORPORATE | 20% | 3% | 5% |
However, we have put in place a range of electronic alternatives to ensure you make a seamless transition to the cashless environment.
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