Cashless Policy Goes Nationwide Today

The Central Bank of Nigeria (CBN) will today begin the implementation of cashless policy in 30 states of the federation having completed phases 1 and 2 of the policy in six pilot states- Abia, Anambra, Lagos, Ogun, Kano, Rivers- and the Federal Capital Territory (FCT).

This means that bank customers nationwide can no longer withdraw third party cheques valued above N150, 000 across the counter.

Cash withdrawal is now limited to N500, 000 for personal and N3 million for corporate accounts, among others.

The CBN, had in a notice by its Corporate Affairs Department to all stakeholders and the general public, said Phase 3 of the policy’s implementation would commence in the remaining 30 States of the Federation on July 1 as scheduled.

The apex bank also said it has mapped out modalities to ensure the cashless policy succeeds in other parts of the state as it did in the pilot states.

Mr Chidi Umeano, head, Shared Services at the Central Bank, who was a guest on Channels Television’s daily business programme, Business Morning, said  the apex bank is doing all it can to deploy the needed infrastructure to support the policy.

According to him, the one year waiver of charges on withdrawals is one measure to give time for the infrastructure to be put in place.

He says the Central Bank has carried its sensitisation campaign to the rural communities and is still doing more to sensitise Nigerians.