IKECHUKWU, ALICE KALU, JUSTUS ADEJUMO
•Cash in transit (CIT) and cash pick up services will no longer be provided by banks.
...Only companies licensed by the CBN will be allowed to provide CIT service
•All third party cheques above N150, 000 (now reviewed to N500,000,00) shall not be eligible for encashment across the counter. They will be paid into a current account and go through the clearing house for it to receive value.
•Any amount above N150, 000 (now reviewed to N500,000.00) and N1, 000,000 (now reviewed to N3 million) for individuals and Corporate organisations for both withdrawals and deposits shall attract a surcharge of 10% and 20% (now reviewed to 2% and 5% ) respectively. This charge will apply to all transactions in Lagos and accounts domiciled in Lagos State.
•The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10% to 3%, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20% to 5%. The processing fee for lodgements above the limit for individual customers has been reviewed downwards from 10% to 2%, while the processing fee for lodgements above the limit for corporate bodies has also been reviewed downwards from 20% to 3%. However, establishments, that is, MDAs are exempted from the cash limits.
•These limits are cumulative daily limits, irrespective of the channel used by the individual or corporate organisation (E.g. Over the counter, ATM, 3RD party cheques encashed over the counter) as well as cash brought in by Cash In Transit companies.
•The charges shall be borne by the account holder. But during the pilot phase in Lagos, individuals/depositors paying money from Lagos into an account outside Lagos shall bear the charges.
•The commencement date for the pilot stage in Lagos State is Monday, April 2, 2012 and it runs till December 31, 2012. While the policy will begin throughout the states of the federation and the FCT from January 1, 2013.
•All third party cheques above N150, 000 (now reviewed to N500,000,00) shall not be eligible for encashment across the counter. They will be paid into a current account and go through the clearing house for it to receive value.
•Any amount above N150, 000 (now reviewed to N500,000.00) and N1, 000,000 (now reviewed to N3 million) for individuals and Corporate organisations for both withdrawals and deposits shall attract a surcharge of 10% and 20% (now reviewed to 2% and 5% ) respectively. This charge will apply to all transactions in Lagos and accounts domiciled in Lagos State.
•The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10% to 3%, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20% to 5%. The processing fee for lodgements above the limit for individual customers has been reviewed downwards from 10% to 2%, while the processing fee for lodgements above the limit for corporate bodies has also been reviewed downwards from 20% to 3%. However, establishments, that is, MDAs are exempted from the cash limits.
•These limits are cumulative daily limits, irrespective of the channel used by the individual or corporate organisation (E.g. Over the counter, ATM, 3RD party cheques encashed over the counter) as well as cash brought in by Cash In Transit companies.
•The charges shall be borne by the account holder. But during the pilot phase in Lagos, individuals/depositors paying money from Lagos into an account outside Lagos shall bear the charges.
•The commencement date for the pilot stage in Lagos State is Monday, April 2, 2012 and it runs till December 31, 2012. While the policy will begin throughout the states of the federation and the FCT from January 1, 2013.
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