The Central Bank of Nigeria has deferred the implementation of charges on default of the cashless policy on lodgments and withdrawals in the Federal Capital Territory, Abuja and some states of the federation until October 1.
States in which the cashless policy has taken off but which will not have its customers face sanctions until October 1 are Abia, Anambra, Kano, Ogun and Rivers States.
The CBN, according to a message Guarantee Trust Bank sent out to its customers on Tuesday, was out to allow customers adjust to the new policy before sanctions are meted out for breaking the rules.
In Lagos State, which served as the pilot state for the policy, sanctions were not applied for six months.
The policy took off in January 2013.
Such sanctions include a 2 per cent charge on deposit in excess of the allowed range by individuals and three per cent for withdrawal also for individuals.
Individuals, according to the cashless policy, are allowed a maximum of N500,000 daily cash withdrawal or deposit.
This covers both banking hall and Automated Teller Machine transactions.
For corporate organizations, which are allowed N3 million cash deposit and N1 million cash withdrawal, the sanction for exceeding the limit is 3 per cent additional charge for deposit and 5 per cent for withdrawal.
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