CBN Policy On Cashless Economy!

CBN Policy On Cashless Economy
Dear Readers, This is to inform, educate and enlighten you on the maximum amount of over-the-counter cash withdrawal for third-party cheques of N150,000.00 in all banks presently operational in Lagos has been extended nationwide effective June 1, 2013 for individual and corporate accounts The CBN cashless policy however, will commence in the Federal Capital Territory (Abuja) and five other states namely: Abia, Anambra, Kano, Ogun and Rivers effective July 1, 2013. Consequently, the following modalities will be applicable to cash transactions in the above locations from July 1, 2013. * The maximum daily cumulative cash transactions (withdrawals and deposits) by individual and corporate accounts would be N500,000.00 and N3,000,000.00 respectively. Penalty will be charged as follows for amounts above the limits: S/N Class Withdrawal  Deposit 1 Individual 3% 2% 2 Corporate 5% 3% * All Banks will no longer be allowed to render cash-in-transit (CIT) services to customers. However, customers requiring cash pick up services are advised to liaise with the CBN approved CIT companies. * Exemption has been granted on lodgments and withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of government (revenue collections only), Micro finance Banks (MFBs) and Primary Mortgage Institutions (PMIs). I hope this information is useful ? Thank you.