Cashless policy: CBN exempts embassies, donor agencies, others

Posted by Tony Chukwunyem | 19 October 2019 | 1,269 times

The Central Bank of Nigeria (CBN) yesterday announced that it has exempted all embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria, as well as revenue generating accounts of government agencies, from charges on cash withdrawal and deposits with regard to the implementation of the cashless policy. In a circular to Deposit Money Banks (DMBs), the apex bank also disclosed that the float accounts of Mobile Money Operators and the accounts that Micro- Finance Banks (MFBs) and Primary Mortgage Institutions (PMI) keep with DMBs are equally exempted from the charges on cash withdrawal and deposits. It said the exemptions will last until March 31 2020, when they will be reviewed.

The statement entitled, “Re: Implementation of the cashless policy,” reads thus: “Further to our previous circular on “Implementation of the Cash-less Policy” please be informed that currently, the following are the existing exemptions until March 31, 2020 when it will be reviewed.

“Revenue generating accounts of the Federal, State and Local Governments; embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies in Nigeria, Ministries, Departments and Agencies of Government (revenue collection only); Mobile Money Operators (Float accounts only) and Micro Finance Banks (MFBs) and Primary Mortgage Institutions (PMls) accounts with DMBs. The CBN had in a circular released on September 17 this year, introduced new charges on deposits and withdrawals above certain thresholds. The charges, which came into effect, on September 18, entailed the imposition of three per cent processing fees on withdrawals and two per cent processing fees on lodgments of amounts above N500,000 for individual accounts. (New Telegraph)

Source: News Express