CBN’s CIRCULAR ON NATIONWIDE IMPLEMENTATION OF THE CASH-LESS POLICY AS ISSUED
Please be informed that the bankers committee at its 493rd meeting, held on the 8th February 2017, reviewed the cash-less policy on withdrawal and deposit and decided that the policy be extended to the 30 remaining states of the federation.
For the avoidance of doubt, the following decisions were taken at the above mentioned meeting:
Amount Deposit Withdrawals
Individuals Less than N500,000 No charges No Charges
N500,000-N1m 1.5% 2%
Above N1m-N5m 2% 3%
Above N5m 3% 7.5%
Corporate Less than N3m No charge No charge
N3m-N10m 2% 5%
Above N10-N40m 3% 7.5%
Above N40m 5% 10%
1: charges on deposits be re-introduced.
charges on deposits and withdrawals were reviewed and the new rates are indicated in the table below:
the new charges would take effect from 1st April 2017, in the existing cash-less states (Lagos,Ogun, Kano, Anambra, Rivers, and the FCT).
The policy shall be implemented with the charges taking effect on 1st of May 2017 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun, and Plateau.
The policy shall be implemented with the charges taking effect on the 1st August 2017 in the following states, Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-ibom, Ebonyi, Taraba,and Nasarawa,
the policy shall be implemented with the charges taking effect on the 1st of October 2017 in the following states, Borno, Benue, Ekiti, Cross-River, Kebbi, Kwara, Kogi, Kwara, Yobe, Sokoto, and Zamfara.
the income generated from the processing fees charged above the allowable cash transcation limits shall be shared between the CBN and the banks in the ratio of 40:60
existing exemptions remain sustained for
a. Revenue generating accounts of the federal, State, and Local Governments, (lodgements only)
b. Embassies Diplomatic Missions, Multilateral and Aid Donor Agencies in Nigeria are also exempted from all processing fees relating to the cash-less Policy implementation
In view of the above, branches of Deposit Money Banks in the the affected states are expected to commence:
The enlightenment of their customer on the cash-less policy, including the limits on cash withdrawal and deposits for individual and cooperate bodies, as well as the available e-payment options.
Training of staff on the Cash-less policy, in order to provide answers to enquires and handle issues/customer’s complaints, as well as provide advice on the policy
Media communication, to complement existing CBN’s and Bankers’ Committee media campaign.
Engagement of key customers and other stakeholders.
All banks are to ensure that their Cash-less teams in the affected states liaise properly with the Cash-less office in CBN for necessary clarifications and further assistance, if required.
please note that the implementation team will perform spot checks on banks’ branches in the affected locations, to ensure readiness and full compliance
