Cbn Cashless Policy : How far will it go ?.

What is Cbn Cashless Policy ?.

The Central Bank of Nigeria stated that with effect from January 1st, 2012, every cash transaction through the bank, be it cash deposit or withdrawal, across the counter, through the ATM or POS, has to be limited to a specific amount per day. For individuals, you are to transact cash to the maximum of N150,000 per day while for corporate entities, your daily maximum cash transaction is N1m. For individuals, every N1000 above N150,000 per day will attract a bank charge of N100 while for corporate entities, every N1000 above N1m cash transaction via bank per day will attract a bank charge of N200.

Although, Lagos as the pilot city for this policy was supposed to start feeling the slag hammer of the banks on the defaulters but the CBN has given the banks till 1st of March, 2012 to put in place all the necessary cashless transaction mechanisms and instruments.