CBN Raises Cash Limit To N500k For Individuals & N3m For Corporate Bodies.

The Central Bank of Nigeria on Monday formally announced that it had raised the cash deposit limit for individuals from N150,000 to N500,000.

The cashless policy, which will begin on April 1, 2012, is applicable only to Lagos in a pilot phase until January 1, 2013, when it will be extended to other parts of the country, according to a statement by the Head, Corporate Communications, M.M. Abdullahi.

The statement said the cumulative withdrawals and lodgements for corporate bodies had been increased from N1 million to N3 million.

"The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10 per cent to 3%, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20% to 5%.

"The processing fee for lodgments above the limit for individual customers has been reviewed downwards from 10% to 2%, while the processing fee for lodgments above the limit for corporate bodies has also been reviewed downwards from 20% to 3%," the statement said.

The apex bank also said, "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 bank added, "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."
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