In a bid to drive the Cashless Economy Policy, The Central Bank has decided to place charges on cash withdrawals. This is done in a bid to discourage cash withdrawals and encourage citizens to embrace cashless payment or transaction options. A mail I got today from my bank reads thus:
We refer to the Central Bank of Nigeria's (CBN) cashless policy, and the previous communication deferring charges on cash withdrawals above the daily limits, in 30 states of Nigeria till July 1, 2015.
Kindly note that the above limits apply so far as it involves cash, irrespective of channel i.e. over the counter, ATM, 3rd party cheques cashed over the counter etc. For example, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000
Exemptions have however been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
We refer to the Central Bank of Nigeria's (CBN) cashless policy, and the previous communication deferring charges on cash withdrawals above the daily limits, in 30 states of Nigeria till July 1, 2015.
Please be informed that the following modalities which are
currently operational in Lagos, Federal Capital Territory (Abuja), Abia,
Anambra, Kano, Ogun and Rivers States will now be effective nationwide,
including the previously exempted 30 states of Nigeria:
1.
For individual account
holders, charges will apply when daily cumulative withdrawals are in excess of
N500,000
2.
For corporate account
holders, charges will apply when daily cumulative withdrawals are in excess of
N3,000,000
3.
The Cashless policy
applies to all accounts including COLLECTION accounts i.e. all sub-accounts
linked to the same account holder would be treated as one account for both
corporate and individual accounts.
Please find the applicable charges below:
|
Daily Withdrawal Limit
|
Withdrawal Charges
|
Individual
|
N500,000
|
3% on excess
|
Corporate
|
N3,000,000
|
5% on excess
|
Kindly note that the above limits apply so far as it involves cash, irrespective of channel i.e. over the counter, ATM, 3rd party cheques cashed over the counter etc. For example, if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000
Exemptions have however been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government (revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
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