CBN postpones withdrawal charges in 30 states as cash-less policy goes nationwide from July 1

Posted by News Express | 25 June 2014 | 3,036 times

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The Central Bank of Nigeria (CBN) has formally announced the nationwide roll-out of the cash-less policy from next week Tuesday, July 1.

The policy was first introduced in Lagos, the country’s economic capital, on January 1, 2012 and was extended to the Federal Capital Territory (Abuja), along with Anambra, Abia, Kano, Ogun and Rivers states on July 1, 2013.

Isaac A. Okorafor said yesterday evening in a statement issued in Abuja on behalf of CBN’s Director of Corporate Communications: “Having successfully completed phases 1 and 2 of the cash-less policy in six Pilot States and the Federal Capital Territory, the Management of the Central Bank of Nigeria hereby notifies all stakeholders and the general public that phase 3 of the policy’s implementation will commence as scheduled on July 1, 2014, in the remaining 30 States of the Federation.”

The apex bank, however, explained that “as was the case in the Pilot States, a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for rollout in phase 3. This means that withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers States and the Federal Capital Territory (FCT).”

What this means, according to the CBN, is that “charges on withdrawals for both individual and corporate account holders will only take effect in the 30 states from July 1, 2015.” It explained that “this waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy, as well as additional sensitisation of various stakeholders on the merits of the policy”

•Photo shows CBN Governor Godwin Emefiele.

Source: News Express

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