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CBN Reviews New Cash-Less Policy

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By: Olajide Toriola
Central Bank of Nigeria has reviewed cash-less policy charges on withdrawal and deposit.
The Policy will extend to the 36 States of the Federation in due time.
Charges on deposits and withdrawals were reviewed and the new rates are indicated in the table below.
Customer Type
Amount
Deposit
Withdrawal
Individual
Less than N500, 000
No charges
No charges
N500, 000 -N1million
1.5%
2%
N1million+  – N5million
2%
3%
Above N5million
3%
7.50%
Corporate
Less than N3million
No charges
No charges
N3million – N10million
2%
5%
N10m+ – N40million
3%
7.5%
Above N40million
5%
10%
The new charges would take effect from 1st April, 2017, in the existing cash-less States: Lagos, Ogun, Kano, Abia, Anambra, Rivers and FCT.
The policy shall be implemented with the charges taking effect on 1st May, 2017 in the following States: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun, and Plateau.
Implementation of the charges will also start taking effect on 1st August, 2017 in the following States: Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibon, Ebonyi, Taraba and Nasarawa.
Finally, the charges will be taking effect on 1st October, 2017 in the following States: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zanfara.
However, the income generated from the proceesing fees charges about the allowable cash transaction limits shall be shared between CBN and banks in the ratio 40:60 percent.
Existing exemption remains sustained for revenue generating account of the federal, States and Local Governments.
Secondly, for training of staff on the cash-less policy, in order to provide answers to enquiries and handle issues/customers complaints as well as provide advice on the policy.
Also, Media communication, to complement existing CBN’s and Bankers’ committee’s media campaign and Engagement of key bank’s customers and other stakeholders.
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