CBN Governor, Sanusi Lamido

' All things being equal, come January 1, 2012, the cashless economy policy of the Central Bank of Nigeria will kick off.


It will, however, be practically operational in banks and businesses from the third day of January, being the first working day after the holiday.


. A cashless economy is one where purchases and transactions are done mainly by electronic means and seldom by cash. The policy, introduced by the CBN in April 2011, states that individual and corporate customers are restricted to a daily cash withdrawal and lodgement of N150, 000 and N1m respectively.


By implication, individuals, who make cash withdrawals above the limit will be charged N100 on every N1,000 , while a corporate organisation that exceeds the limit will be charged N200 on every N1,000 .'

---

what will happen to sellers or dealers who insists on receiving cash and have given the buyer an ultimatum to pay the next day or risk having the car sold to someone else?

Yea u can do transfer but for individual car transactions of say N650,000 and owners wants u to pay today saturday(for instance) and he doesnt operate a/c or prefers cash in hand, keys handed over, what will happen?