Save Austin Fair Yudala banner
Cashless policy goes nationwide from April: CBN

By News Express on 24/02/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,515

•CBN Headquarters.
•CBN Headquarters.

Barring any last-minute change, the cashless policy of the Central Bank of Nigeria (CBN) is expected to go nationwide next April, with the implementation staggered for four month.

In a circular on the nationwide implementation of the policy sent to all the commercial banks on Thursday by the Director of Banking and Payments System Department of the CBN, Mr. Dipo Fatokun, the apex bank explained that the move was part of decisions reached at the last Bankers’ Committee meeting.

Fatokun said that the implementation of the policy would start in April with some selected states. It would continue in May, August and October with other states.

The circular read in part: “Please be informed that the Bankers’ Committee at the 493rdrd meeting held on February 8, 2017, reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the remaining30 states of the federation.

“For the avoidance of doubt, the following decisions were taken at the meeting: Charges on deposits be reintroduced. Charges on deposits and withdrawals were reviewed and the new rates are indicated as follows:

As for individual, no charges on deposit and withdrawals that is less than N500,000. But N500,000 to N1 million will attracts 1.5 per cent charge on deposit and 2 per cent on withdrawals. Above N1 million to N5 million attracts 2 per cent on deposit and 3 per cent on withdrawals, while those who deposit or withdraw amount that is above N5 million would be charged 3 per cent on deposit and 7.5 per cent on withdrawal.

As for corporate bodies, there would be no charges on either the deposit or withdrawal of any amount less than N3 million. But from that amount up to N10 million carry 2 per cent charge on deposit and 5 per cent on withdrawals. Any amount above N10 million to N40 million, such corporate customer will be charged 3 per cent on deposit and 7.5 per cent on withdrawals. But above N40 million, 5 per cent will be charged on deposit and 10 per cent on withdrawals.”

The new charges would take effect from April 1, 2017 in the existing cashless states of Lagos, Ogun, Kano, Abia, Anambra, Rivers and FCT

The policy shall be implemented with the charges taking effect on May 1, 2017 in the following states: Bauch, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau.

The policy shall be implemented with the charges taking effect on August 1, 2017 in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa.

“The policy shall be implemented with the charges on October1, 2017 in Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.

The income generated from the processing fees charged above the allowable cash transaction limits shall be shared between the CBN and the banks in the ratio of 40 to 60. “Existing exemptions remain sustained. (Daily Sun)

Source News Express

Posted 24/02/2017 05:34:52 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Obiano’s govt. a disaster — Nwoye

Amosun presents 16 modern houses to villagers

Customs, Immigration, Air Force to strengthen relations

Apprehension in London over Buhari’s health as he...

Gas explosions rock Ghana

UBA Capital launches Nigeria’s first online trading platform...

Soldiers beat up and injure traditional ruler in...

NiMet issues flood alert, forecasts ‘severe thunderstorms’ today...

NSE sustains bullish run, hits 36,000 mark

Anambra peaceful, secure and serene with great tourism...

Kaymu launches Buy Nigeria Project at Lagos International...

1,727 ghost workers caught in Abia

 

Latest News Fidelity Bank pioneers tax payments, revenue collection with Instant Banking Solution NIMASA vows to fight piracy to the end PDP to decentralise power to states’ executives UN allocates $13.4m to support 1m suffering Nigerians Protesters shut down Abuja, call on Nigerians to support reformation of SARS 2019: Tinubu tackles Okorocha over mode of selection of APC presidential candidate NAF appoints Air Tactical Commander, sponsors training of female fighter pilot Anambra youths protest move to scrap SARS NSE market capitalisation loses N120b, amid sell pressure UEFA Champions League: Real Madrid draw formidable PSG, as Chelsea get FC Barcelona FG releases N1.2trn for 2017 capital expenditure Abia screens applicants for youth creation and employment programme

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,739 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,529 views) Shameless Genevieve Nnaji exposes breasts in public (230,349 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,302 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,361 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (169,978 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,128 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,476 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,530 views) Lagos plane crash: Journalist releases victims’ names (118,992 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,456 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,007 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,815) Business Verdict (27) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (419) Features (522) Global Business Monitor (192) International (1,686) Interviews (138) Live Commentary (28) Love Matters (92) News (30,944) Opinion (844) Pidgin (9) Politics (4,209) Religion (653) Sports (1,380) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!