The Central Bank of Nigeria, formally
announced that it had raised the cash deposit limit for individuals from
N150,000 to N500,000.
The cashless policy, which will
being on April 1, 2012, is applicable only to Lagos in a pilot phase until
January 1, 2013, when it will be extended to other parts of the country,
according to a statement by the Head, Corporate Communications, M.M. Abdullahi.
The statement said the cumulative
withdrawals and lodgements for corporate bodies had been increased from N1
million to N3 million.
“The processing fee for withdrawals
above the limit for individual customers has been reviewed downwards from 10
per cent 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 lodgments
above the limit for individual customers has been reviewed downwards from 10%
to 2%, while the processing fee for lodgments above the limit for corporate
bodies has also been reviewed downwards from 20% to 3%,” the statement said.
The apex bank also said,
“Exemptions have been granted to Ministries, Departments and Agencies (MDAs) of
the federal and state governments on lodgments for accounts operated by them,
for the purpose of revenue collections ONLY.”
The bank added, “The cash-less
policy applies to transactions conducted in branches of banks situated in Lagos
State only for now. The implementation of the newly approved processing charges
by deposit money banks in Lagos State will commence on April 1, 2012. It
should, however, be noted that the charges are subject to review every six
months.
“Meanwhile, the pilot programme in
Lagos State has now been extended to December 31, 2012 in order to allow people
to be more conversant with the new initiative. As such, the roll-out of the
programme in other states of the federation has been deferred to January 1,
2013.”
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