October 19, 2017

CASHLESS POLICY GOES NATIONWIDE TODAY By Johnson Okanlawon and Kyle Azeez

CASHLESS POLICY GOES NATIONWIDE TODAY By Johnson Okanlawon and Kyle Azeez

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The cashless policy of the Central Bank of Nigeria, CBN, which was introduced with a pilot scheme in Lagos in January 2012, formally takes effect nationwide today.
The success of the policy in Lagos State and subsequent extension to five others, including Kano, Rivers, Ogun, Abia and Anambra and the Federal Capital Territory, Abuja, during the second phase of its implementation, encouraged the apex bank to plan extension nationwide.
Under the policy, the cumulative cash withdrawal and deposit limit for individual account holders was pegged at N500,000 per day and N3m per day for corporate accounts.
Read more:http://nationalmirroronline.net/new/cashless-policy-goes-nationwide-today/
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