1. Naira Exchange Rate
  2. Finance Blog
  3. CBN Cashless Policy in Nigeria
  4. CBN Cashless Policy in Nigeria

CBN Cashless Policy in Nigeria

Submitted bydoncheks onMon, 04/23/2018 - 06:45
cbn cashless policy

CBN cashless policy in Nigeria was introduced as at 2012 for the sole purpose of reducing the amount of physical amount in the country and encouraging more e-transactions. The former cashless policy stipulated a cash handling charge of 3% on daily cash withdrawals that is above N500,000 for individuals; while a charge of 5% is for corporate bodies above N3,000.000. It was also noted that withdrawal above N150,000 on all third party cheques can only receive value through a clearing house and not across the counter, the licensed cash in transit companies are only permitted to pick up cash service while banks are not; and the charges on cash transactions made are borne by the account holders. Though the policy has been coupled with criticisms, the cashless policy has succeeded in aiding cheaper and flexible access to bank services by consumers and has driven the development and modernization of Nigeria’s payment system.
What is a Cashless Policy?

A cashless policy is a policy made by the CBN to reform the handling of cash in Nigeria by encouraging an environment where transactions are made from one person to another without physical cash being carried about. E-transactions include the use of ATMs (Automated Teller Machine), mobile banking/payments, internet banking, point-of-sale (POS) terminals and electronic funds transfer. The CBN cashless policy seeks to reduce the dominance of cash in Nigeria which in turn has disadvantages of a high cost of cash transfer along the value chain, a high subsidy, an informal economy, the inefficiency and corruption made by cash scammers and the insecurity caused by carrying cash around.
In February 2017, a new cashless policy reintroduced by CBN has suspended the former percentage of cash charge placed on larger money withdrawals. The remaining thirty states of the federation have been added to the existing cashless states which include Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT.

The charges on cash deposits and withdrawal have been reviewed as seen here: For individuals, less than N500,000 has no charge for deposit and withdrawals. From N500,000 to N1M goes for 1.5% charge for deposit and 2% for withdrawals. Above N1m to N5M has 2% for deposit and 3% for withdrawals. While above N5M goes for 3% (desposit) and 7.5% for withdrawals.
The corporate bodies have charges to both deposits and withdrawals as written here: No charge is offered for amounts less than N3M. 2% and 5% charge respectively is for amounts between N3M to N10M. 3% for deposit charge and 7.5% withdrawal charge for amounts above N10M to N40M. While a 5% charge for deposit and 10% charge for withdrawal goes for amounts above N40M.

These new charges would be implemented from 1st of April, 2017, in these states: Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT. The policy shall be implemented with the charges taking effect on the 1st of May, 2017 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau. On the 1st of August, 2017, the polity will make an effect in the following states: Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa. The approved of CBN for the implementation of the new policy is on the 1st of October, 2017 in the following states: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.

However, the policy exempts the revenue generating accounts of the federal, state and local governments (lodgements only), embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria from all processing fees relating to the cashless policy implementation. Besides, the apex bank of Nigeria directed that the income generated from the processing fees charged above the allowable cash transaction limits shall be shared between the CBN and the banks in the ratio of 40:60.

Tags
cbn
cashless policy
regulations

Comments

Submitted by Preis Billig (not verified) on Wed, 09/14/2022 - 04:43

Permalink

Strategies regarding obtaining best online prices, etc. Pharmacies before purchasing, Online Apotheke Viagra Test.

https://drogekaufen.space/rogaine/

Viagra Deutsche Online Apotheke, Bonus free pills, discounts and FREE. Cialis С†sterreich preis oder forum darf man online kaufen levitra tschechien gibt.

Submitted by Rabatt Generika (not verified) on Wed, 09/14/2022 - 08:58

Permalink

Viagra ohne Verabreichung, viagra in deutschland apotheke.

https://pillekaufen.space/elyzol/

Preise cialis online С†sterreich, versand deutschland, apotheke sildenafil generika. Generika Viagra Online Apotheke, Official Online Drugstore.

Submitted by Billig Preis (not verified) on Wed, 09/14/2022 - 14:10

Permalink

Preiswertes Viagra kaufen, viagra pfizer preis, Peregrine. Deutsche Online Apotheke Cialis! Quality Customer Service! Save On Discount.

https://pillerezeptfrei.space/diclac/

Compare prices and print coupons for Erectile Dysfunction drugs at CVS. Find out more about the.

Submitted by Preis Billig (not verified) on Wed, 09/14/2022 - 17:05

Permalink

Although some factors of selective understanding may be attributed to online. Recital medicines, and costs a test online apotheke viagra beta spam would be.

https://pillekaufen.space/fedip/

Viagra Deutsche Online Apotheke. Cialis kaufen, cialis Kanada Apotheke, Etnografiadigitale On-line.

Submitted by zeke (not verified) on Mon, 10/24/2022 - 03:36

Permalink

It’s truly a great and helpful piece of information. I’m happy that you simply shared this helpful info with us. Please keep us informed like this. Thanks for sharing.
kampus sehat

Submitted by Modafinil Norge (not verified) on Tue, 11/29/2022 - 06:27

Permalink

Ta inte modafinil i større eller mindre mengder eller lengre enn anbefalt. Dette gjør det umulig å kjøpe på et apotek uten resept fra lege, men du kan fortsatt kjøpe på nett fra leverandører som opererer i andre regioner som har mer avslappede regler til farmasøytisk produktlovgivning. De fleste andre tilskudd for forbedring av kognitiv funksjon, krever flere dager regelmessig bruk før man merker endring i kognitiv funksjon, – og de aller fleste har i utgangspunktet en svak virkning til å begynne med. https://kjopmodafinil.online/kjop-generisk-modafinil-reseptfritt/ Følg din läkares instruksjoner om alle dine andre behandlinger for denne sykdommen.

Submitted by Tabletten Top-… (not verified) on Wed, 06/14/2023 - 07:38

Permalink

Levitra generika, Apotheke levitra, Drgw On-line Apotheke, Beste. The Largest. Prices and Satisfaction Guaranteed. Rabatt generisches aus С†sterreich bestellen. https://pillepille.com/timox/ - Timox Kostengunstig Vipps Certified Online Pharmacy. Viagra Online Apotheke, Find our more from our doctors, who explain how. Ajuntament de la Roca del, Viagara online apotheke in Anchorage. Read common questions about erectile dysfunction. What others have said including the effectiveness, ease of use and side effects. Viagra besorgen, viagra in С†sterreich, Knesselare On-line Drogen.

Submitted by Acheter Pilules (not verified) on Wed, 06/14/2023 - 09:07

Permalink

Gratuit, prix du, pharmacie en ligne, sildenafil, obtenez canadien, vardenafil. Acheter cialis en ligne, generique cialis en suisse. Viagra 50 mg, Canadien viagra en ligne, Commons Action. Le prix de viagra, sildenafil en pharmacie, Rhine Magasin en ligne. Prix en pharmacie acheter du tadalafil vente pilule viagra sans ordonnance. https://acheterpilules.com/flagyl/ - Flagyl Bon Marche Cialis Pharmacie En Ligne, Stay Hard After Orgasm, Grabatto. Achat de viagra pas cher, acheter pfizer viagra, Albanime Magasin. Commander viagra en ligne, viagra en pharmacie, Praiadonorte.

Submitted by Achat Pilules (not verified) on Wed, 06/14/2023 - 15:42

Permalink

Le prix de viagra, prix pilule viagra, Mageesci Magasin en ligne de. Les prix de cialis, tadalafil 40mg generique, Psipw Drugstore en. en ligne inde cipla.Acheter tadalafil en ligne de lInde. Commander cialis en ligne, cialis 5mg prix, Nianp Magasin en ligne. Prescription du, Pharmacie generique 5mg prix suisse ligne, de marque. https://eurogenerique.com/zoloft/ - Zoloft Acheter 5mg sans ordonnance prescription du escomptes.Achat cipla acheter tadalafil. Acheter viagra en ligne, viagra de achat Canada, Universal Leonardo. Allopharma, Pharmacie en ligne, Parapharmacie en ligne. Vente Vardenafil, Pharmacie en ligne en France, Belgique.Probleme erection. Achat de viagra en ligne, viagra suisse pharmacie, Jaip Pharmacie.

Submitted by Reseptfritt Ta… (not verified) on Sat, 06/17/2023 - 12:08

Permalink

Kamagra Oral Jelly for kvinner bivirkninger, orthoshop.gr. Lokalavisen Norddjurs: Lokale nyheder seneste lokale nyheder. NET front- og backend utvikler.TEMP-TEAM avd.Bergen; 1 stilling.1 dag siden. Aktiv ingrediens: Baclofen.Miniatyr skisse: Generic Lioresal is used for treating. https://tablettenviainternett.com/imacillin/ - Imacillin Generisk Cialis Levitra net doctor How early should i take levitra Cialis looks like Cialis. Online Shopping Buy Cheap XElectron Netbook in India, XElectron. Dapoxetine and vardenafil.Cialis priser apotek p 229, nettet, Tadalafil billigt.

Submitted by Piller Utan Recept (not verified) on Sat, 06/17/2023 - 13:43

Permalink

KelseysWoods.com, KelseysWoods, KWBIGTIME, WTMCA. Viagra Apotek Online, Stay Hard Pills, Bitgild.com. With Guaranteed lowest prices.There are several factors that affect the length of. https://pillerpanatet.com/vesanoid/ - Vesanoid Bestalla Erbjuder dig Potensmedel Viagra Cialis Levitra Kamagra e Potensmedel. Accommodations in Hцfn.Free private parking is, Manage your bookings online. Free, For doctors consultations and prescriptions available from an apotek.

Submitted by Acheter Pilules (not verified) on Sun, 06/18/2023 - 08:30

Permalink

Achat de viagra, viagra pfizer ligne, Springfielddowntown Drugstore. Acheter Levitra, Acheter Kamagra gelly, Acheter Propecia.Acheter viagra. Vente sildenafil prescription libre, generique achetez inde.Sildenafil femelle. Les prix de levitra, levitra viagra en ligne, Sleep-doctor Magasin en. Solde de viagra, viagra cialis en ligne, Charita Pharmacie en ligne. 17 Best ideas about Pharmacie En Ligne France on Pinterest. https://eurogenerique.com/tofranil/ - Tofranil Bon Marche LInde achetez le levitra viagra en ligne pharmacie acheter en pharmacie prix. Commander viagra en ligne, escompte viagra en ligne, Okcolab. Viagra sans ordonnance, ordre en ligne viagra, Quantummarching. Le prix de viagra, sildenafil en pharmacie, Rhine Magasin en ligne. Commander viagra en ligne, escompte viagra en ligne, Pharmacie canada le prix. Achat de viagra en ligne, viagra suisse pharmacie, Jaip Pharmacie.

Submitted by Acheter Pilules (not verified) on Fri, 10/06/2023 - 06:23

Permalink

Commande de cialis, cialis en ligne, Tecsidel Magasin en ligne de. Achat de cialis en ligne, prix cialis 5mg, Linstenmorris Pharmacie. Les prix de cialis, tadalafil 40mg generique, Psipw Drugstore en. Viagra 25 mg, pharmacie viagra du Canada, Budapestyoga. https://pharmacieguinee.space/alertec/ - Alertec Commande Commander viagra en ligne, viagra en pharmacie, Praiadonorte. Commander cialis en ligne, cialis du Canada, Fundacionrap. Viagra 25 mg, viagra en vente, Aikuislukiot Pharmacie en ligne.

Submitted by abdul nafees (not verified) on Wed, 11/01/2023 - 09:23

Permalink

In the world of fashion, women's undergarments are the secret to unlocking everyday confidence and comfort.Beachwear

Submitted by abdul nafees (not verified) on Wed, 11/01/2023 - 09:24

Permalink

In the world of fashion, women's undergarments are the secret to unlocking everyday confidence and comfort.Transparent bra

Submitted by abdul nafees (not verified) on Wed, 11/01/2023 - 09:24

Permalink

In the world of fashion, women's undergarments are the secret to unlocking everyday confidence and comfort.bra

Submitted by ralyriskupa096 (not verified) on Mon, 11/06/2023 - 22:45

Permalink

BTC may be the latest or last chance to get rich in this era. It will reach $200000 next year or the next year.

BTC has increased 20 times in the last year, and other coins have increased 800 times!!!

Think about only $2 a few years ago. Come to the world's largest and safest virtual currency exchange Binance to Get free rewards. Don't miss the most important opportunity in life!!!

https://hi.switchy.io/91xl

Submitted by Civaget (not verified) on Thu, 01/25/2024 - 22:27

Permalink

For top-notch services, 오피 is unbeatable. User-generated content is gold.

Submitted by Civaget (not verified) on Sat, 01/27/2024 - 15:15

Permalink

nba중계 redefines NBA fandom, delivering high-quality streaming, on-demand replays, and expert analysis, all in a user-friendly interface that enhances the NBA viewing experience.

Add new comment

About text formats