The Central Bank of Nigeria has granted one year withdrawal waiver charges on individual and corporate accounts in the remaining 30 states, which will implement the cashless policy from July 1.
This was contained in a statement signed by Isaac Okoroafor, the Deputy Director of Corporate Communications of CBN in Abuja on Tuesday.
The cashless policy has been in operation in Lagos, Rivers, Anambra, Kano, Ogun and Abia States and also the Federal Capital Territory, Abuja.
Okoroafor said in the statement on Tuesday: “Under the policy, individual cash withdrawal above N500,000 will attracts 3 per cent charges, while corporate accounts withdrawal of above N3 million will attract 5 per cent charges.
“Also, deposit above N500,000 by individual customer attracts 2 per cent charges, while that of corporate above N3 million attracts 3 per cent charge.”
It stated that the apex bank had successfully completed phases one and two of the cashless policy in six pilot states and the FCT.
It said: “The management of the CBN hereby notifies all stakeholders and the public that phase three of the policy’s implementation will commence as scheduled on July 1 in the remaining 30 states of the federation.
“However, as was the case in the pilot states, a one-year waiver has been granted on the application of withdrawal charges in the 30 states slated for rollout in phase three.”
According to the statement, withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers, and the FCT.
It added that charges on withdrawals for both individual and corporate account holders would take effect in the 30 states from July 1, 2015.
The statement said: “This waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy and additional sensitisation of various stakeholders on the merits of the policy.
“All financial institutions and the general public should please take note.”
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