C IRCULAR ON NATIONWIDE IMPLEMENTATION OF THE CASH-LESS POLICY
This is to notify our esteemed clients that the Central Bank of Nigeria has fixed 1st of April 2017 as the commencement date for the implementation of charges on cash deposit and withdrawal.
Below is the implementation details as directed by CBN via a circular dated 21st February 2017;
| Rank | Amount | Deposits | Withdrawal |
|---|---|---|---|
| INDIVIDUAL: | Less Than N500,000 | No Charges | No Charges |
| N500,000 - N1M | 1.5% | 2% | |
| N1M - N5M | 2% | 3% | |
| Above N5M | 3% | 7.5% | |
| CORPORATE: | Less Than N3,000,000 | No Charges | No Charges |
| N3M - N10M | 2% | 5% | |
| Above N10M - N40M | 3% | 7.5% | |
| Above N40M | 5% | 10% |
Kindly be advised that these new charges will take effect on all cash transactions above the limits stated above except for online transfers and cheque deposits.
Below are the Implementation dates:
| Commencement date | States |
|---|---|
| 1-Apr-17 | Lagos, Ogun, Kano, Abia,Anambra, Rivers & FCT |
| 1-May-17 | Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun & Plataeu |
| 1-Aug-17 | Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba, & Nasarawa |
| 1-Oct-17 | Borno, Benue, Ekiti, Cross - River, Kebbi, Kogi, Kwara, Yobe, Sokoto & Zamfara |
