The Central Bank of Nigeria (CBN) said yesterday that it has postponed nationwide implementation of the cashless policy till January 1, 2013 and also granted partial exemption to ministries, parastatals and agencies (MDAs) only for the purposes of revenue collection.
The amendments include upward review of the limit for free cash transactions for individuals to N500,000 from N150,000 and for corporate bodies to N3 million from N1 million.
The charges or processing fee for cash transactions above the limits were reviewed downward. For individuals the charge cash deposits was reduced to 3 per cent per N1000 from N10 per cent, while for corporate accounts, it was reduced to five per cent from 10 per cent.
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