The Central Bank of Nigeria on Monday said it had raised the cash deposit limit for individuals from N150,000 to N500,000.
Initially, the limit for corporate bodies was put at N1 million but it has now been raised to N3 million.
The cashless policy, which will come into effect on April 1, 2012, is applicable only to Lagos State in a pilot phase until January 1, 2013, when it will be extended to other parts of the country.
These facts were contained in a statement signed by the CBN’s Head, Corporate Communications, M.M. Abdullahi.
The statement added: “The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10 per cent to three per cent, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20 per cent to five per cent.
“The processing fee for lodgments above the limit for individual customers has been reviewed downwards from 10 per cent to two per cent, while the processing fee for lodgments above the limit for corporate bodies has also been reviewed downwards from 20 per cent to three per cent.
“Exemptions have been granted to Ministries, Departments and Agencies (MDAs) of the federal and state governments on lodgments for accounts operated by them, for the purpose of revenue collections ONLY.
“The cash-less policy applies to transactions conducted in branches of banks situated in Lagos State only for now. The implementation of the newly approved processing charges by deposit money banks in Lagos State will commence on April 1, 2012. It should, however, be noted that the charges are subject to review every six months.
“Meanwhile, the pilot programme in Lagos State has now been extended to December 31, 2012 in order to allow people to be more conversant with the new initiative. As such, the roll-out of the programme in other states of the federation has been deferred to January 1, 2013.”