The Central Bank of Nigeria has announced the implementation of its third and final phase of the government’s cashless policy, which will begin July 1, and to be rolled out in the whole country.
Withdrawal charges will be implemented on July 1, 2015. These include a cash-handling fee on daily cumulative individual cash withdrawal or deposit amounts that exceed NGN 500k (USD 3.1 k), and on corporate withdrawal and deposit amounts in excess of NGN 3 M. Third-party checks of more than NGN 150k can only be processed through a clearinghouse.
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