The Central Bank of Nigeria announced the extension of its cashless policy to the Federal Capital Territory Abuja, Abia, Anambra, Kano, Ogun and Rivers, reported All Africa. The policy will take effect in these regions on July 1, 2013.
The new policy means third party checks for over the counter cash withdrawals will be capped at N150,000. Additionally, banks will cease to facilitate cash-in-transit and cash pick up services. Customers seeking such services must find a licensed cash-in-transit company to help them with these cash transactions. Third party checks above the value of N150,000 will no longer be withdrawn over the counter. The maximum amount of cash withdrawals and deposits will be limited to N500,000 and N3 million for both personal and corporate accounts. Customers that exceed these amounts will be charged accordingly.
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