Regulatory Alerts2012-03-19 | BPS/DIR/GEN/CIR/01/003Industry Policy on Retail Cash Collection and Lodgement.
The Central Bank of Nigeria (CBN) has reassessed its policies regarding the Cash-Less Nigeria Project, initially targeting Lagos State and later expanding to the whole country. The daily cumulative cash limits for individual and corporate customers have been increased, and processing fees for withdrawals and lodgments have been reduced. The policy on Cash-Less Lagos applies specifically to transactions conducted in banks' branches within Lagos state. The pilot run has been extended to December 31st, 2012, with the roll-out in other states postponed to January 1, 2013. The new measures are temporary and will be reviewed every six months. Banking and Payment System Department's direction is that these changes will take effect from April 1, 2012.