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Cashless Policy: CBN exempts FG agencies, banks, embassies

Cashless Policy: CBN exempts FG agencies, banks, embassies

The Central Bank of Nigeria (CBN) has announced exemptions to the policy on charges on deposits and withdrawals.

According to a new circular the CBN has exempted revenue generating accounts of government agencies, ministries, micro-finance banks, embassies and several others from charges on cash withdrawal and deposits as imposed by the new cashless policy.

The apex gave the directive in a new circular addressed to all Deposit Money Banks (DMBs) and signed by the Director, Payment System Management Department, Sam Okojere.  

The CBN, however, said the exemption would subsist till March 30, 2020 when it would be reviewed.

All embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria are exempted from charges on cash withdrawal and deposits with regards to the implementation of the cashless policy.

The apex bank also said the float accounts of Mobile Money Operators and the accounts Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMI) kept with Domestic Money Banks (DMBs) are equally exempted from the charges on cash withdrawal and deposits.

It would be recalled that the CBN last month imposed new charges on withdrawals and Deposits.

Extra charges of between 3 to 5 percent were placed on cash deposits and withdrawals done by individuals and companies that exceed the official limits of N500,000 and N3 million, respectively.

Parts of the circular read: “Further to our previous circular on ‘Implementation of the Cash-less Policy’, please be informed that currently, the following are the existing exemptions until March 31, 2020 when it will be reviewed.

“Revenue generating accounts of the Federal, State and Local Governments; embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies in Nigeria, Ministries, Departments and Agencies of Government (revenue collection only); Mobile Money Operators (Float accounts only) and Micro Finance Banks (MFBs) and Primary Mortgage Institutions (PMls) accounts with DMBs.”

The CBN policy on charges on deposit and withdrawal has generated criticism from a large spectrum of Nigerians.

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