Regulatory Alerts2014-06-09 | BPS/PSP/DIR/CIR/VOL.1/008Circular 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.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja. +234 - 0946238445 BANKING AND PAYMENTS SYSTEM DEPARTMENT Ref: BPS/PSP/DIR/CIR/VOI.1/008 June 9, 2014 ALL DEPOSIT MONEY BANKS, MICROFINANCE BANKS, PRIMARY TO: MORTGAGE INSTITUTIONS CIRCULAR ON THE PHASE III NATIONWIDE ROLLOUT OF CASH-LESS POLICY TO THE 30 REMAINING STATES In line with the directive of the Central Bank of Nigeria on the Cash-Less Policy, you are advised to note the following; 1. The Cash-Less Policy shall be extended nationwide, effective 1st July 2014.
- All charges on deposits are hereby stopped with effect from 5th June 2014. 3. Charges on withdrawal remain sustained at the current 3% for individual transactions exceeding N500,000 and 5% for corporate transactions exceeding N3 Million.
Ref: circular contained in our earlier as details All other GOV/SSO/GEN/CLL/02/100, dated 3rd June 2014 remain the same.
'DIPO FATOKUN DIRECTOR BANKING & PAYMENTS SYSTEM DEPARTMENT