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CBN’s Cashless Policy

The Central Bank of Nigeria (CBN) introduced a policy on cash-based transactions aimed at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions. The Policy’s pilot run was conducted in Lagos from January 1st 2012. Six more locations joined the pilot (ABIA, ABUJA, ANAMBRA, KANO, OGUN and RIVERS) on the 1st of October 2013 with the rest of the country following in July 2014.

The Policy had earlier stipulated penalty charges of 10% and 20% for cash transactions exceeding ₦150,000 daily for individuals and ₦1,000,000 daily for corporates respectively. However, the policy was modified by the CBN shortly prior to the commencement of full implementation of the Policy, ushering in a new financial regime where emphasis shifts from cash based transactions to electronic means of conducting business.

Under the modified policy, cash transactions are subject to processing charges if they exceed the daily limits imposed by the Central Bank of Nigeria. These daily limits are now ₦500,000 for individuals and ₦3,000,000 for corporate bodies.

However, we have put in place a range of electronic alternatives to ensure you make a seamless transition to the cashless environment.

For further inquiries on any of our e-business services, please contact:

Telephone: 234-1-2787000, 0700ZENITHBANK

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