The Central Bank Of Nigeria (CBN) has yesterday, postponed the implementation of its “cashless policy” across the country till January 1, 2013. And has also granted exemptions to ministries, parastatals and agencies for the purpose of revenue collection.
This was part of the amendments to the cashless policy, announced in an official statement yesterday.
In addition to this, there was an upward review of the limit for free cash transactions for individuals to ₦500,000 from ₦150,000. While the upward review of transactions for corporate bodies was limited to ₦3m from ₦1m.
Also, the processing fee for cash transactions above the limits were also reviewed downwards. 2% from 10% for individuals, and 3% from 10% for corporate bodies.