Compulsory Implementation of CBN Cashless Policy

Compulsory Implementation of CBN Cashless Policy

In line with the recent Central Bank of Nigeria (CBN) circular dated 21 February 2017, please note the regulatory changes to the Cashless policy charges on withdrawals and deposits.

In the circular, CBN re-introduced new charges on deposits, and extended the policy to 30 states of the Federation in phases.

The rates stated below will apply on all cash deposits and withdrawals:

AMOUNT DEPOSITS WITHDRAWALS
INDIVIDUAL Less than =N=500,000 No Charges No Charges
N500,000 – N1M 1.50% 2%
Above N1M – N5M 2% 3%
Above N5 3% 7.50%
CORPORATE Less than N3,000,00 No Charges No Charges
N3M – 10M 2% 5%
Above N10M – N40M 3% 7.50%
Above N40M 5% 10%

The policy shall be implemented in phases with charges effected from the day of implementation according to the schedule below:

1-Apr-17 Lagos, Ogun, Kano, Abia, Anambra, Rivers States and the FCT
1-May-17 Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau Sates.
1-Aug-17 Edo, Kastina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa States.
1-Oct-17 Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara States.

The following organizations are however exempted from this directive:

  • Revenue generation accounts of the Federal, State and Local Government (lodgments only)
  • Embassies, Diplomatic Missions, multilateral and aid donors, agencies in Nigeria
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