Perhaps building on digitization trend that the COVID-19 social distance era has heralded or simply keeping in line with the cashless timeline of the vision 2020 goal of being amongst the top 20 economies by the year 2020, the CBN has chosen an auspicious time to implement the cashless policy nationwide.
The policy which had been in effect in some parts of the country- mainly; Anambra, Abia, Kano, Ogun, and FCT since 2013 and Lagos since as far back has 2012 for its pilot stage is now to be implemented Nationwide as from 16th June 2020.
The cash limit of the policy remains the same, with a daily cumulative cash withdrawal limit of N500,000 for individuals and N3,000,000 for corporate bodies across all cash channels, with charges beginning to apply on the excess of the limit according to the below grid:
|Transaction type||Individual Charges||Corporate charges|
It is believed by policymakers that the cashless policy will reduce corruption, reduce the cost of cash handling, and will increase the effectiveness of the monetary policies in driving economic growth.
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After years of postponement, while sensitizing the populace, building Banking infrastructure, and making enabling policies, the cashless policy looks set to stay.