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Visit Elombah.com for breaking news from Nigeria

The Central Bank of Nigeria (CBN) has announced its plan to extend the Cashless Policy to all the remaining States of the Federation by October 1st, 2017 to enhance the efficiency of payment systems.

This Policy will commence in phases within the Country with effect from April 1st, 2017. Re-introduced charges on cash deposits and the revised charges on cash withdrawals are applicable on the cumulative cash withdrawals/deposits per customer per day, irrespective of the channels used (over-the-counter and ATM).

The tables below highlight the new Bank charges, the policy commencement dates and the applicable States in which the new charges will be applied:

  Amount Applicable Rate on Daily Withdrawals Applicable Rate on Daily Deposits
INDIVIDUAL Less than or equal to N500,000 No Charges No Charges
Above N500,000 – N1m 2% 1.5%
Above N1m – N5m 3% 2%
Above N5m 7.5% 3%
CORPORATE Less than or equal to N3,000,000 No charges No charges
Above N3m – N10m 5% 2%
Above N10m -N40m 7.5% 3%
Above N40m 10% 5%

Date States
1st April, 2017 Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT
1st May, 2017 Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau
1st August, 2017 Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba, Nasarawa
1st October, 2017 Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

However, the policy exempts the following:

Revenue-Generating Accounts of the Federal, State and Local Governments, Ministries, Departments and Agencies of Government (revenue collection only) (cash deposit charge exemptions only).

Embassies, Diplomatic Mission, Multilateral, Aid Donor Agencies in Nigeria, Microfinance banks and Primary Mortgage Institutions (cash deposit and withdrawal exemptions).

Mobile Money Operators (pool account).

Because we know that this policy may not fit perfectly into your banking style, we are happy to inform you that your bank, if efficient have at your disposal, various electronic products (Mobile Money, Internet Banking, POS etc.) that will suit you quite perfectly.

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