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We will stick to deadline on cash-less policy – CBN

By BusinessNews Staff on March 21, 2014

The acting Governor of Central Bank, Dr. Sarah Alade, has said the deadline of July 1 for the implementation of the cash-less policy remains sacrosanct.

The introduction of cash transaction, according to the apex bank, is not to to eliminate the amount of physical cash in the economy but to encourage more electronic-based transaction.

Alade, who was represented by the Plateau State branch controller, Mr. Mathias Kurah, told newsmen at the Cashless Sensatisation Programme in Jos that the bank would ensure that the public was adequately sensitised on the the take-off of the policy.

She said the apex bank would also begin to charge processing fees nationwide on cash withdrawal and deposits of over N500,000 on individual account and over N3m on corporate account done within 24 hours.

The acting governor explained that it involved the charging of three per cent processing fee on cash withdrawal exceeding N500,000 and two per cent on lodgment exceeding the amount on individual account while for corporate account, five percent would be charged on withdrawal exceeding three million naira while two percent would be charged on lodgment exceeding that amount.

Alade said the exercise, which began in Lagos in April 2012 and had been extended to other five states including Abia, Ananbra, Kano, Ogun, Rivers and Federal Capital Territory, would now be extended to all other states in the country.

She however explained that exceptions had been granted to embassies, diplomatic missions, Ministries, Departments and Agencies of federal and state government on lodgments for revenue collection accounts only.

She pointed out that third party withdrawal that exceeds N150, 000 had been disallowed across the counter since 2013, all in an effort to encouraged a more electronic based transaction.

[Punch]

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