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Published On: Tue, Jun 24th, 2014

CBN rolls out cash-less nationwide Tuesday

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CBN bars banksBy Etuka Sunday  & Ngozi Onyeakusi, Lagos

Having successfully completed phases one and two of the cash-less policy in six Pilot States and the Federal Capital Territory, the Central Bank of Nigeria (CBN)

has announced the commencement of Phase-3 of the implementation of the policy come July 1, in the remaining 30 states of the federation.

According a statement from the apex bank signed by the Director, Corporate Communications Department, CBN, Mr. Isaac A. Okorafor a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for rollout in phase 3 just as it was the case in the Pilot States

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), adding that charges on withdrawals for both individual and corporate account holders will only take effect in the 30 States from July 1, 2015.

CBN noted the waiver becomes necessary to allow ample time for the deployment of adequate infrastructure needed to support the policy, as well as additional sensitization of various stakeholders on the merits of the policy.

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