Last year the Central Bank of Nigeria (CBN) introduced a policy on cash based transactions aimed at reducing the country’s dependence on a cash economy and reducing the inherent costs of moving cash that banks and other financial institutions incur as a result.

The policy already known as the ‘cash policy’ of the CBN stipulates a cash withdrawal limit of N150,000 for individuals and N1,000,000 for corporate organisations. Extra cash withdrawals above the stated limit attracts 10% fine of the excess amount for individuals and 20% for corporate bodies.

According to the CBN the cashless policy was introduced to modernise and develop Nigeria’s payment system in line with th vision 2020 goal, reduce cost of banking services which also involved moving around a lot of cash and improve the effectiveness of the monetary policy.

While the CBN monetary policy does involve other rules such as allowing only licensed cash in transit (CIT) companies to provide cash pickup services we are concerned in this article with the cash withdrawal aspects and check issuing rules in the policy as it will affect your business.

As the policy is set to take off in Lagos by 30th March 2012 you should already be prepared to turn your business or company into a cashless or near cashless one and save costs in the process. Here’s how you can key into the Central Bank’s cashless policy and save money for your business;

http://nairabrains.com/2012/01/cbns-cashless-policy-how-to-take-your-business-cashless-and-save-money/