We write to remind you of the commencement of Central Bank of Nigeria's (CBN) cashless policy nationwide on the 1st of July, 2014, as well as inform you of the deferral of charges in the newly introduced thirty states till 1st July, 2015.

The cashless policy which is currently fully operational in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States, aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.). The policy will drive the development and modernization of our payment system nationwide as all individuals and corporates will be encouraged to adopt electronic payment and banking options.

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