2014-06-09 | BPS/PSP/DIR/CIR/VOL.1/008

Circular on the Phase III Nationwide Rollout of Cash-Less Policy to the 30 Remaining States

The Central Bank of Nigeria has extended its Cash-Less Policy nationwide, set to commence on July 1st, 2014. From June 5th, all charges for deposits are eliminated, but withdrawal fees still apply at the current rates. Individual transactions exceeding N500,000 will incur a 3% fee, while corporate transactions surpassing N3 million will be charged 5%. The Director of Banking & Payments System Department, Dipo Fatokun, confirms these updates as part of the ongoing Cash-Less Policy initiative.

Nigeria

Central Bank of Nigeria

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