Apr 22, Oyetunji Abioye The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria. Apr 21, The CBN in February announced its plan to extend the Cashless Policy to all the remaining states of the Federation by Oct. 1, , to enhance. Apr 21, The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday.

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The Central Bank of Nigeria CBN having monitored the partial implementation of the Cash-less Policy cashhless Lagos State and following discussions with various stakeholders on the effective implementation of the project, has decided to reassess the policy to allow for smooth transition and adoption in Lagos State in the first instance, and the entire country at a later date.

We have a number you can call or you send an email to our Consumer Pllicy Department. Retrieved 4 October Notify me of follow-up comments by email. Dipo Fatokun, directed banks to revert to old charges and refund customers that they had debited.

The exceptions among major remittance recipients were Mexico and the Philippines, which saw inflows increasing by an estimated 8.

CBN Suspends Nationwide Cashless Policy, Creates FX Window for Investors, Exporters

The position of the policy shall now revert to the status quo ante. Implementation of the cashless policy comes with several benefits.


Your email address will not be published. Retrieved from ” https: Mobile Money and Telcos. We also say to all Nigerians that the only way we can make things better for you poilcy to call the CBN whenever you are in trouble or whenever you get frustrated.

The decline in remittances, when valued in U. Consequently, the CBN as a responsive institution has reviewed the policy as follows: Give us the name of the bank, branch and send to us and we will deal with them as example to others.

All One Min News. As such, the roll-out of the programme in other states of the federation has been deferred to January 1, Incashlese Central Bank of Nigeria issued a notice to all banks that began collecting charges on withdrawals above the threshold in the remaining 30 states.

CBN Suspends Nationwide Cashless Policy, Creates FX Window for Investors, Exporters – THISDAYLIVE

Among other charges, the earlier circular had shown that charges on deposits and withdrawals were reviewed such that for individuals with less than N, cash deposit and withdrawals, there would be no charge. Archived from the original on 7 October The banks were directed to put a hold on these charges until a directive is given by the CBN. Exemptions have been granted to Ministries, Departments and Agencies MDAs of the federal and state governments on lodgments for accounts operated by them, for the purpose of revenue collections ONLY.

CD3DC0 Share your story with us: The circular suspending the nationwide implementation of the cashless policy, signed by its Director, Banking and Payment System Department, Mr.


CBN Cash-less Policy: Cashless Nigeria

This page was last edited on 10 Aprilat cashlesa The pilot run of the policy started on the 1 January in Lagos State. Also, the cashless policy can help improve the effectiveness of the monetary policy in managing inflation and driving economic growth.

Unfortunately, the Central Bank of Nigeria after commencing the nationwide implementation of the cashless policy on the 1st of April had to suspend the process 3 weeks later in 30 states of the federation. As an efficient and modern payment system has been associated with economic development. Processing fee for withdrawals: The service charges were with held till 30 March of the same year to allow for seamless migration from the manual to electronic devices.

The Central Bank of Pklicy CBN has once again suspended the nation-wide implementation of the cashless policy which commenced this month. Egypt today has an inflation rate of almost 31 per czshless, remember Angola also has about 36 per cent inflation, ours is at Oyetunji Polucy The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria Policy in 30 states of the federation.

In addition, for cash between N, and N1 million, deposit would be 1.