The CBN extended the cashless policy to all states with effect from July 1, 2015.

With this policy in place, there will be limits for free cash withdrawals from both individual and corporate accounts. The daily withdrawal limits for individual accounts and corporate accounts are 500,000 and N3,000,000 respectively.

A charge of 3% and 5% will be applied to the excess withdrawals above the daily limit on individual and corporate accounts respectively.

You may recall that the policy was meant to take effect nationwide on July 1, 2014 but the present CBN governor extended the roll out date of the policy by one year and removed the charge on cash deposits.

With the policy in place, account holders that intend to make high value payments are encouraged to make account transfers rather than cash withdrawals.


Source. CBN Press Release

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Umnh

I received the mail below this evening from my bankers


NATIONWIDE IMPLEMENTATION OF CASHLESS POLICY CHARGES ON CASH WITHDRAWALS

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: 

For individual account holders, charges will apply when daily cumulative withdrawals and deposits are in excess of N500,000 

For corporate account holders, charges will apply when daily cumulative withdrawals are in excess of N3,000,000

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 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if an individual withdraws N450,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N600,000, and the service charge will apply on N100,000 - the amount above the daily free limit of N500,000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 lodgments and 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).



To ensure a seamless transition to a cashless economy, GTBank has made several safe and convenient alternative channels available for personal and business banking.

To know more about our alternative channels for banking with us, please click on the image link above or visit http://www.gtbank.com/waystobank

Cc puskin

This will only force people to open and operate multiple bank account, welcome development sha

adehsenior:
This will only force people to open and operate multiple bank account, welcome development sha

With the BVN policy in place, I don't think one will be able to operate multiple accounts because most banks restrict the number of accounts you can open with your name to one. So you may have a current and savings account and other types of accounts all under your name. This charge will be applied to you irrespective of the number of accounts you operate under one name.

The only way out in my opinion, which will be stressful, is to open accounts with many banks and spread your money to all of them before proceeding to withdraw or you transfer the cash to other people's accounts who will then withdraw on your behalf.

Less stress is to align with the use of bank transfers and e channels.

I think this policy is a welcome development. We use too much cash in Nigeria and it has so many risks and unnecessary expenses associated with it.

People should do more cashless transactions which is also money. The main thing is to exchange value.