Cashless policy goes nationwide July 1

The Central Bank of Nigeria on Tuesday said that the third phase of its cash-less policy would commence as scheduled in the remaining 30 states of the federation. The development was confirmed in a statement issued by Mr. Isaac Okoroafor on behalf of the Director, Corporate Communications Department of the CBN.

The statement stated that the nationwide roll-out of the cash-less initiative became imperative following the success recorded in the first and second phases. The bank, however, added that as was done in the first two phases of the programme, a one-year waiver had been granted on the application of withdrawal charges in the 30 states. This implies that withdrawal charges will continue to apply on transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano and Rivers states and the Federal Capital Territory.

The statement read in part, “Having successfully completed phases one and two of the cash-less policy in six pilot states and the Federal Capital Territory, the management of the CBN hereby notifies all stakeholders and the general public that phase three of the policy’s implementation will commence as scheduled on July 1, 2014 in the remaining 30 states of the federation.

“However, as was the case in the pilot states, a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for roll-out in phase three. “Therefore, charges on withdrawals for both individual and corporate account holders will only take effect in the 30 states from July 1, 2015.

“This waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy as well as additional sensitisation of various stakeholders on the merits of the policy.”

The CBN governor, Mr. Godwin Emefiele, had while unveiling his 10-point agenda on June 5, announced the cancellation of deposit charges on cash deposits; meaning that individuals will no longer pay the three per cent penalty for any amount above N500,000 deposited in a day, while corporate bodies will no longer pay five per cent for any cash deposit above N3m daily.