SANTAB TV: CBN CASHLESS POLICY–WHAT YOU NEED TO KNOW

Cashless policy is a policy established in the year 2012 by the Central Bank of Nigeria to curb excesses in the handling of cash in Nigeria. It prescribed a cash handling charges on daily withdrawal above Five Hundred Thousand Naira (N500, 000.00) for individuals and Three Million Naira for Corporate Bodies (N3, 000,000.00). The policy was enforced not to eliminate the use of cash but to reduce the volume of cash in circulation.

CBN CASHLESS POLICY  – WHAT YOU NEED TO KNOW
The Central Bank of Nigeria has directed that the Cashless policy on withdrawal and deposit be extended to the 30 remaining states of the Federation.
Charges will be applied to customer accounts for cash transactions based on the following criteria:
ACCOUNT CATEGORY
AMOUNT
DEPOSIT
WITHDRAWALS

INDIVIDUAL
Less than N500,000
No Charges
No Charges


Above  N500,000 – N1M
1.5%
2%


Above N1M – N5M
2%
3%


Above N5M
3%
7.5%

CORPORATE
Less than N3,000,000
No Charges
No Charges


Above  N3M - N10M
2%
5%


Above N10M - N40
3%
7.5%


Above N40M
5%
10%



The new charges will take effect from 1st April  2017 in the order listed below.
EFFECTIVE DATE
AFFECTED STATES

1ST APRIL  2017
Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT

1st May 2017
Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna , Ondo, Osun and Plateau

1st August 2017
Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa- Ibom, Ebonyi, Taraba and Nasarawa

1st October
Borno, Benue, Ekiti, Cross- River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

Please note that the charges will be applied on cumulative withdrawal/deposit on all customer accounts per bank, regardless of the cash withdrawal deposit channel.