Cashless policy: CBN exempts embassies, donor agencies

Written by Kayode Ekundayo, Lagos  

Wednesday, 28 March 2012 05:00

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The Central Bank of Nigeria said it has exempted all embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria from penalties and charges on cash withdrawal and deposits with regards to the cashless Nigeria project.

The central bank said it is exempting them because Nigeria is a signatory to several treaties which exempt the institutions from all fees and charges in the host country.

This was contained in a memo to banks in the country and signed by the central bank’s acting director, Banking and Payment System Department, G.I Emokpae.

“As a matter of international practice, sovereign states do not impose financial penalties on other sovereign states, it has become necessary therefore to extend the exemption on cash withdrawal/deposit to these institutions,” the memo read.

The central bank had last week formally shifted the full commencement of its cashless policy nationwide from June 1 to January 1, 2013 while the pilot phase of the programme in Lagos State would begin on April 1, 2012.

It had also raised the cash deposit limit for individuals from N150,000 to N500,000 while that for corporate organisations was raised 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 per cent, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20 per cent to 5 per cent.




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Eh? So the cashless rubbish is for the helpless Nigerians only? By the way, is there constitution of Naija thats backing CBN in this fraudulent act? Is CBN encouraging Nigerians to make transactions wih the banks or discouraging them? To be sincerely speaking if this rubbish gets to Port Harcourt, and anything happens to my money; i will sue CBN for stealing by tricks.

The policy should be scrapped if that is the case.

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I hope the CBN stands firm on this matter. It is of serious importance that banks are not reduced to cash depositories and hence increasing targets of very violent banditry. Our telecoms industry has developed in leaps and this can be a veritable tool to lifting the cash transaction load off the banking floor and allow banks focus on growing businesses.

Sanusi is confused. The worst CBN governor ever.

It has become inevitable to tell Sanusi Lamido Sanusi to stop his satanic policy this is because there is no chapter in Nigeria constitution that gives CBN power to ask an individual account holder with a bank the minimum and maximum amount of money to withdraw and deposit. Enough is a enough.

Sanusi Lamido Sanusi is the only CBN governor that misapplied fiscal policy with monetary policy. What a confused CBN head !!!

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Clearly, our leaders act before they think. What was all the noise about a cashless society only for them to review before launch, shame!!!
The policy though laudable is doomed for failure unless the cashless platforms are made more efficinet than they are now.

okay!!!

as someone who doesnt live in 9ja, can someone please explain this cashless Nigeria thingy to me, like i was a child?

otokx:
The policy should be scrapped if that is the case.