The Central Bank of Nigeria has announced exemptions from the cash withdrawal and deposit limits, which is to take effect on June 1, 2012, with Lagos State as the pilot state.
Those exempted from the withdrawal and deposit limits are embassies, diplomatic missions, multilateral and donor agencies.
They would not be subjected to penalties and charges on cash withdrawal and deposits with regards to the cashless policy.
The policy will affect cash withdrawals and deposits by individuals and corporate organisations.
While individuals are limited to N500,000 daily, corporate organisations have a limit of N3 million per day.
The implementation was initially fixed for April 1, 2012 in Lagos State.
It has now been moved to June 1, 2012 in Lagos State and January 1, 2013 for other parts of the country.
The CBN, in the circular announcing the exemption, signed by the acting Director, Banking and Payments System Department, Mr. G.I. Emokpae, said: “As a matter of international practice, sovereign states do not impose financial penalties on other sovereign states; it has become necessary therefore to extend the exemption on cash withdrawal/deposit to these institutions.”