Cash-less policy begins in Abuja, five other states

The cash-less policy of the Central Bank of Nigeria, which aims at reducing the dominance of cash in the economy, commenced on Monday in Abuja and five other states: Rivers, Kano, Anambra, Ogun and Abia,

The policy was introduced by the CBN in Lagos last year. It specifies charges for individuals and corporate organisations that withdraw or lodge cash above prescribed limits.

It allows the CBN to peg the daily cumulative cash withdrawal or deposit limit for individual and corporate accounts at N500,000 and N3m per day, respectively.

It was gathered that there was strict compliance of the policy by the banks.

In preparation for the smooth take-off of the policy, some banks had during the weekend sent text messages to customers, while others had displayed notices in conspicuous locations within the banking premises.

The move was imperative in order to reduce friction between customers and bank officials.