On
21st February, 2017, the Central Bank of Nigeria (CBN) issued a
circular titled “Circular on Nationwide Implementation of the Cash-Less Policy”
The circular seeks to extend the
Cash-Less Policy to the remaining 30 states of the Federation.
The Circular re-introduces charges
on deposits and also reviews the current charges on cash deposits and
withdrawals. The new rates are indicated in the table below:
|
AMOUNT
|
DEPOSIT
|
WITHDRAWALS
|
|
|
INDIVIDUAL
|
Less than
|
No Charges
|
No Charges
|
|
|
1.50%
|
2%
|
|
|
Above
|
2%
|
3%
|
|
|
Above
|
3%
|
7.50%
|
|
|
CORPORATE
|
Less than
|
No Charges
|
No Charges
|
|
|
2%
|
5%
|
|
|
Above
|
3%
|
7.50%
|
|
|
Above
|
5%
|
10%
|
EFFECTIVE DATE
Distinct timelines were adopted in
the implementation of the policy in different states of the Federation. The implementation
of the charges will take effect as follows:
·
From 1st April 2017, the
new charges will take effect in Lagos, Ogun, Kano, Abia, Anambra, Rivers State and
the FCT.
- On 1st May 2017, the policy will be implemented in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, OSun and Plateau.
- On 1st August 2017, the policy shall be implemented in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa State.
- On 1st October 2017, the policy shall be implemented in the following states: Borno, Benue, Ekiti, Cross- River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.
Income generated from the
above transaction charges will be shared between the CBN and the banks in the
ratio of 40:60
EXEMPTIONS
The following are exempted from the policy:
- · Revenue generating accounts of the Federal, State and Local Governments. ( lodgments only); and
- · Embassies, Diplomatic Missions, Multilateral and Aid Donor Agencies in Nigeria.
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