The cash-less policy of the Central Bank
of Nigeria enters a new phase today (Monday) as the maximum ceiling of
N150,000 placed on conversion of third-party cheques to cash by
individuals takes off.
The implication is that any cheque above N150,000 originating from a third party must be lodged into the beneficiary’s account.
The policy, according to the CBN, is one of the measures being put in place to discourage the use of cash in the system.
Consequently, some deposit money banks have sent text messages to their customers to intimate them of the new policy.
A message sent by one of the banks
reads, “Dear customer, kindly note that from June 1, 2013, third-party
cheques over N150,000 cannot be cashed over the counter but should be
lodged into your account.”
Similarly, the CBN has announced the
extension of the coverage of the cash-less policy to the Federal Capital
Territory, and five states, Kano, Rivers, Abia, Ogun and Anambra as
from July 1, 2013.
Consequently, it has directed branches
of banks in the affected states to begin an enlightenment of their
customers on the cash-less policy, including the existing limit of cash
withdrawals and deposits for individuals and corporate bodies, as well
as available e-payment options.
The CBN also stated in a circular
conveying the instruction that banks should embark on training of
employees on the cash-less policy in order to provide answers to
enquiries and handle issues/customers complaints as well as provide
advice on the policy.
The central bank had introduced a new
policy on cash-based transactions, which stipulates a ‘cash handling
charge’ on daily cash withdrawals or cash deposits that exceed N500,000
for individuals, and N3m for corporate bodies.
The new policy on cash-based
transactions in banks aims at reducing the amount of physical cash
circulating in the economy and encouraging more electronic-based
transactions.
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