NATIONWIDE IMPLEMENTATION OF CENTRAL BANK OF NIGERIA'S CASHLESS POLICY
We write to inform you of the extension of Central Bank of Nigeria's (CBN) cashless policy to all States in Nigeria effective 1st July, 2014.
The following modalities which are currently applicable in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers State will also be effective nationwide:
The cash-in-transit lodgment and cash evacuation services will no longer be available to customers or merchants.
For individual account holders, charges will apply when daily cumulative withdrawals are in excess of N500,000
For corporate account holders, charges will apply when daily cumulative withdrawals are in excess of N3,000,000
The Cashless policy applies to all accounts including COLLECTION accounts i.e. all sub-accounts linked to the same account holder would be treated as one account for both corporate and individual accounts.
Please see applicable charges below:
Daily Withdrawal LimitsCharges
IndividualN500,0003% on excess
CorporateN3,000,0005% on excess
Kindly note that the above limits apply so far as it involves cash, irrespective of channel i.e over the counter, ATM, 3rd party cheques cashed over the counter etc. For example, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000.
Exemptions have however been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government(revenue collection only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
The following modalities which are currently applicable in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers State will also be effective nationwide:
The cash-in-transit lodgment and cash evacuation services will no longer be available to customers or merchants.
For individual account holders, charges will apply when daily cumulative withdrawals are in excess of N500,000
For corporate account holders, charges will apply when daily cumulative withdrawals are in excess of N3,000,000
The Cashless policy applies to all accounts including COLLECTION accounts i.e. all sub-accounts linked to the same account holder would be treated as one account for both corporate and individual accounts.
Please see applicable charges below:
Daily Withdrawal LimitsCharges
IndividualN500,0003% on excess
CorporateN3,000,0005% on excess
Kindly note that the above limits apply so far as it involves cash, irrespective of channel i.e over the counter, ATM, 3rd party cheques cashed over the counter etc. For example, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000.
Exemptions have however been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government(revenue collection only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
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