Cashless Policy Goes Nationwide Today

Central Bank of Nigeria (CBN) today began the full implementation of  cashless policy nationwide.

In total, 30 states will be joining Abia, Anambra, Lagos, Ogun, Kano, Rivers and Abuja, which were involved in the first and second phases of the policy implementation.

With the initiative, bank customers across Nigeria will not be able to withdraw third party cheques above NGN150,000 (US$920) in the banking hall. The policy also limits cash withdrawal to NGN500,000 (US$3,070) for personal and NGN3 million (US$18,400) for corporate accounts.

In a notice, CBN’s Corporate Affairs Department informed stakeholders and the general public modalities are in place to ensure the successes recorded in the pilot states are replicated in other Nigerian states.