FAQs


[accordion items=”9″ item_title1=”What is the CBN cash policy?” item_content1=”The CBN cash policy requires a daily total limit of N500, 000 and N3, 000,000 on free cash withdrawals across all accounts owned by individual and corporate customers respectively. Individuals and corporate organizations that make cash withdrawals above the limits will be charged a service fee for amounts above the cumulative limits; Account Type Withdrawal /Deposit Limits Withdrawal Fee Individual N500,000 3% Corporate N3,000,000 5% Furthermore, 3rd party cheques above N150, 000 shall not be eligible for payment over the counter with effect from March 30, 2012. Value for such cheques shall be received only through the clearing house. Banks will discontinue cash in transit deposit services rendered to merchant-customers with effect from January 1, 2012.” item_title2=”Does the cash policy mean there will not be cash in circulation or people are not allowed to use cash? ” item_content2=”No. There will still be cash in circulation. The cash policy aims at reducing the use of cash while increasing the use of alternative forms of payment.” item_title3=”When is the cash policy taking effect? ” item_content3=”The cash policy started on January 1, 2012 in Lagos as pilot. Phase 2 went live in Abia, Anambra, Rivers, Ogun, Kano and the FCT on July 1, 2013. Nationwide implementation of the policy will commence in 2015. ” item_title4=”Can I withdraw more than once but not exceeding N 500,000 each? ” item_content4=”Yes, you can withdraw more than once and NOT breach the policy provided your total withdrawals per day do not exceed N500, 000.00 ” item_title5=”When did the charges begin? ” item_content5=”The charges on cash withdrawal above the set limit began on March 30, 2012 in Lagos, October 1, 2013 in Abia, Anambra, Ogun, Rivers, Kano and the F.C.T. ” item_title6=”How much will I be charged when I withdraw cash above the limit?” item_content6=”You will be charged 3% of the amount withdrawn as an individual or 5% as a corporate organization over the limit.” item_title7=”Will the charges be applied per transaction, daily or monthly?” item_content7=”Charges will be applied daily, since it requires the total daily amounts above the limit” item_title8=”If I withdraw N550, 000 which is above the limit how will I be charged? ” item_content8=”You will be charged the processing fee on N50, 000.00 ONLY ” item_title9=”Who owns the processing fee? ” item_content9=”CBN or banks? The Processing fee goes to the CBN and Banks.”]