CBN Rolls Out Cashless Policy July 1, Postpones Withdrawal Charges In 30 States

The Central Bank of Nigeria,.CBN has confirmed that it will roll out the long-awaited cashless policy July 1,this year .A statement on Tuesday signed by Isaac A. Okorafor,For Director, Corporate Communications Department said “Having successfully completed phases 1 and 2 of the cash-less policy in six Pilot States and the Federal Capital Territory, the Management of the Central Bank of Nigeria hereby notifies all stakeholders and the general public that phase 3 of the policy’s implementation will commence as scheduled on July 1, 2014, in the remaining 30 States of the Federation.
The statement continued “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 3. This means that withdrawal charges will continue to apply to transactions above the specified limits in Abia, Anambra, Lagos, Ogun, Kano, Rivers States and the Federal Capital Territory (FCT).
According to the apex bank, “charges on withdrawals for both individual and corporate account holders will only take effect in the 30 States from July 1, 2015. This waiver is to allow ample time for the deployment of adequate infrastructure needed to support the policy, as well as additional sensitization of various stakeholders on the merits of the policy.