A CBN’s initiative to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services.
This policy started since April 2012 with Lagos as the pilot location. The second phase commenced on July 1, 2013 with 5 additional states (Ogun, Kano, Rivers, Anambra and Abia) and FCT Abuja. The final phase of implementation that will cover the remaining 30 states will start by July 1, 2014.
There is no limit to the amount that can be paid into any account
– N500,000 for individual accounts
– N3,000,000 for corporate accounts
– N150,000 for third party withdrawals
No value for such cheques can be received through the clearing house or account to account transfer.
What if a customer comes with a third party cheque of above N150, 000 , can we pay but charge a penalty?
No third party withdrawal above N150, 000 over the counter has been banned. Value for such cheques can be received through the clearing house or account to account transfer
Yes, provided the cheque is opened for cash. The customer should provide the necessary account opening requirement. They can also open other accounts provided they meet the documentation requirements for such accounts.
Yes, a signatory to a Corporate Account is not a third party.
A. No, Payment from Government Accounts to Vendors and Staff ordinarily should be done through E-Payment platforms.
– 3% of any amount in excess of the cumulative daily limit for withdrawals from individual accounts
– 5% of any amount in excess of the cumulative daily limit for withdrawals from Corporate accounts.