Regulatory Alerts2012-08-14 | BPS/DIR/GEN/CIR/01/010RE: Industry Policy on Retail Cash Collection and Lodgement
The Central Bank of Nigeria (CBN) has reiterated its 2011 policy on retail cash collection and lodgement. This policy requires banks to cease cash-in-transit lodgment services for their customers, who must instead use the services of licensed cash-in-transit companies at mutually agreed terms. The CBN warns that contravention of this rule will attract a fine of N1 million per specie movement and has noted instances where some banks have failed to comply with this policy. The bank urges all financial institutions to strictly adhere to the rules, emphasizing that non-compliance will result in strict penalties.
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