Regulatory Alerts2012-03-27 | BPS/DIR/GEN/CIR/01/004Industry Policy on Retail Cash Collection and Lodgement as it Affects Specialized International Institutions
The Central Bank of Nigeria exempts all embassies, diplomatic missions, multilateral, and aid donor agencies from penalties and charges on cash withdrawal and deposits under the Cashless Nigeria project. This exemption is in accordance with Nigeria being a signatory to several treaties that exempt these institutions from fees and charges in host countries as part of international practice and sovereign states do not impose financial penalties on other sovereign states.
09-46238455 (Fax) 09-46238445 Tel BPS/DIR/GEN/CIR/01/004 CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja March 23, 2012 ALL BANKS CASH IN TRANSIT CIT COMPANIES PAYMENTS SYSTEM SERVICE PROVIDERS SWITCHES CARD ACQUIRERS ISSUERS & PROCESSORS PUBLIC INDUSTRY POLICY ON RETAIL CASH COLLECTION AND LODGMENT (IITP/C/001) AS IT AFFECTS SPECIALISED INTERNATIONAL INSTITUTIONS Our Circular Ref. No. BPS/DIR/GEN/CIR/01/003 dated 16™ March, 2012 on the above caption with special emphasis on Section (d) refers. Nigeria is Signatory to several treaties which exempt these institutions from all fees and charges in the host country. As a matter of international practice, sovereign states do not impose financial penalties on other sovereign states, it has become necessary therefore to extend the exemption on cash withdrawal/deposit to these institutions.
The Central Bank of Nigeria hereby exempts ALL EMBASSIES, DIPLOMATIC MISSIONS, and MULTILATERAL and AID DONOR AGENCIES in Nigeria from penalties and charges on cash withdrawal and deposits with regards to the Cashless Nigeria project.
Ag. Director, Banking and Payments System Department