The
Central Bank of Nigeria will on Wednesday begin the full implementation
of its cash-less policy in the Federal Capital Territory, Rivers, Kano,
Anambra, Ogun and Abia states.
This follows the end of a three-month
moratorium on the charges given to customers who withdraw or deposit
higher than the amount stipulated in the cash-less policy document.
The policy allows the CBN to peg the
daily cumulative cash withdrawal or deposit limit for individual
accounts at N500,000, while that of corporate accounts is fixed at N3m
per day.
Addressing journalists in Abuja on the
commencement of the policy in the FCT and the five states, the Deputy
Governor, Operations, CBN, Mr. Tunde Lemo, said the imposition of the
charges on withdrawals higher than the prescribed limit would ensure an
effective implementation of the cash-less policy.
He said, “We will start applying the
charges from October 2, which is Wednesday, because the three months
moratorium would have expired.
“We are glad to announce that having
worked with stakeholders, we have been able to ramp up facilities in
Abuja and five other locations, and then, we are set to build up the
critical mass requirement for the cash-less policy in those areas.”
He said any customer who deposited above
N500,000 per day from Wednesday would be charged three per cent, while
withdrawals above the limit would attract five per cent charge.
Lemo said, “For corporate bodies, the
threshold is N2m. If you deposit or withdraw any money above the
threshold per day, if it is deposit, it will attract three per cent
charge, and if it is withdrawal, it attracts five per cent.
“Those are the charges that are already applicable in the Lagos area that we are now bringing to this location.”
He said customers needed not to pass
through the onerous task of depositing and withdrawing money over the
counter but should instead use electronic fund transfer.
The CBN deputy governor said electronic
payment in Lagos accounted for 70 per cent to 80 per cent of high value
transactions on daily basis.
Meanwhile, the CBN Governor, Mr. Lamido Sanusi, has kick-started the financial literacy programme in schools.
The programme provided Sanusi the
opportunity to deliver a lecture on the importance of savings and
investment to pupils of four secondary schools located in Abuja.
The schools are Model Secondary School,
Maitama; Senior Secondary School, Jikwoyi; Senior Secondary School,
Karu; and Government Secondary School, Kuje.
The CBN boss urged the pupils to be
prudent in the management of their finances, adding that rather than
spend their money on luxurious items, such should be kept in a savings
account to yield interests.
He said, “Money is not an end in itself
but you need money to do a lot of things. You should not borrow for the
purpose of spending; rather, you can borrow to enable you invest.When
you earn an income, the first thing you do is to pay yourself by setting
aside at least 10 per cent as savings before using the remaining money
to pay for other transactions.
“If your uncle or any other relation
gives you money, since the money is not expected, you should save it in a
bank for it to yield interest after a period of time.”
Earlier, the Director, Federal Capital
Territory Secondary Education Board, Mrs. Yelwa Baba-Ari, described the
session as a life changing occasion for the pupils.
She said, “The impact of this programme
cannot be underestimated as our pupils require a lot of mentoring,
motivation and inspiration.
“This opportunity provided by the CBN
and the person of the governor is certainly going to be a life changing
experience for these future leaders of this great nation.”
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