according to the newly implemented rule by cbn, a soo called cashless banking innitiative, purpoted by mr sanusi himself, personal account holders are hereby not allowed to withdraw above a total amount of #150,000 on daily basis, "note"not at a transaction but a total withdrawal for a day, and in situation where exception would be made the withdrawal is hereby sur-charged #100 per every #1000.00 additional withdrawed,, cooprate organizations are prevented frm withdrawing not more than #1000000.00 on daily basis and a subsequent %25 charges of the total amount withdrawd, saying this is absured is an understement, reason posed for this mallicious act, reduction of armed robbery,, for petes sake nigerian do large scale business that involves reasonable large amount of cash, how in Gods name can that be effectively carried out if we are incapaciated by the very industry we saddled wt obligation of securing our income, its just a perfect example of imprisioment by our very own intelligency, pls, electronic transfer yet to be generally accepted, soo nigerians can we protest dis

@Poster, can you provide a link or something to show it has actually been implemented?

@poster, it is supposed to be implemented by april, at least that was the initial agreement.,but surprisingly the table was turned and implementation took effect from january first

this is not the scorn of aggrieved minority, this wud surely aggrieve anybody who now ave to proced to 5 diffrent banks to clear just #5000000 check, or company that ave to open diffrnt bank account and fund them all to prevent %25 surchage for checks above 5m

This current Nigerian government ALL have misplace priorities.

Is the clashless system meant to top their "to do policies"?

Trust me let Nigerians tackle the subsidy issue first, Sanusi, CBN and the banks will face the next round of heat by the Nigerian populace.

Sanusi will reverse this insane policy sooner than we expect!

seriously i hope its reversable, sanusi spent several airtime explaining his insane innavation to the public, several people kicked against it but he proceeded to drag d bull by its horn.i wonder why they ever bother to seek our opinion, if they wud still do what they aggitate for despite protest

Has it been implemented? IS it currently being tested or not?

ok, i seriously do hope we dont jump thru too much hoops b4 we start enjoyning the fruit of d garden

Central Bank of Nigeria
MODALITIES ON IMPLEMENTATION OF CASH POLICY FOR CASH-LESS LAGOS
This is to provide clarifications on the application of the Cash Policy for the Cash-
Less Lagos pilot which is set to commence on January 1st 2012. Please note the
following:
 Cash-less Lagos will commence on January 1st 2012.
 The following aspects of the policy shall apply from January 1st 2012 in
Lagos:
o Only CIT licensed companies shall be allowed to provide cash pick-up
services. Banks will cease cash in transit lodgment services rendered
to merchant-customers in Lagos from December 31st 2011. Any Bank
that continues to offer cash in transit lodgment services to
merchants shall be sanctioned accordingly.
o 3rd party cheques above N150, 000 shall not be eligible for
encashment over the counter. Value for such cheques shall be
received through the clearing house.
 The service charges/fees will not apply until March 30th, 2012, in order to
give people time to migrate to electronic channels and experience the
infrastructure that has been put in place. Therefore, banks should
continue to encourage their customers to migrate to available electronic
channels, and where possible demonstrate the costs that will accrue to
those that continue to transact high volumes of cash after March 31st in
Lagos.
In addition, find below some pertinent clarifications on the policy, based on the
questions that we have received.
 Location
o The pilot shall be run in Lagos State.
 Account Application
o The cash-policy applies to all accounts, including COLLECTION
accounts. Banks should therefore work with their corporate
customers to arrange for suitable e-collection options.
 Limits
o The limits are cumulative daily limits each for withdrawal, and for
deposits (e.g. for Individuals, the daily free withdrawal limit is
N150,000; while the daily free deposit limit is N150k)
o The limits apply to the account so far as it involves cash, irrespective
of channel (e.g. over the counter, ATM, 3rd party cheques encashed
over the counter, etc) in which cash is withdrawn or deposited (e.g. if
an individual withdraws N50,000 over the counter, and N150,000
from the ATM on the same day, the total amount withdrawn by the
customer is N200,000, and the service charge will apply on N50,000 -
the amount above the daily limit). The limit also applies to cash
brought through CIT companies, as the CIT company only serves as a
means of transportation.
 Charges
o The charges shall apply from March 30th 2012 in Lagos.
o The service charge for daily cumulative deposits above the limit into
an account shall be borne by the account holder. However, during
the pilot in Lagos, individuals paying money from Lagos, into an
account outside Lagos, shall bear the charges for any single
transaction above the daily limit.
o The service charge for daily withdrawals above the limit into an
account shall be borne by the account holder.
 Interstate Transactions
o Charges/fees shall apply for all transactions in Lagos, and on Lagos
State based accounts.
o Transactions initiated out of Lagos State, and affecting a Lagos based
account shall not attract charges/fees, and shall not be counted as
part of the daily cumulative amount on that account since the policy
has not been activated outside Lagos. (E.g. A deposit above the limit
made from Onitsha into a Lagos state account shall not attract
charges/fees).
o Transactions initiated from Lagos State, and affecting an account
outside Lagos, shall attract charges/fees (when the specific
transaction is above the limit), since the policy has been activated in
Lagos. (E.g. A deposit made from Lagos State above the limit, into an
account in Abuja, shall result in the initiator paying the relevant
charges/fees, while the account into which its paid outside Lagos
shall not be impacted).
For further clarification refer to sharedservices@cbn.gov.ng or FAQ on
www.cenbank.org
Any bank found to contravene the guidelines or the intentions of this policy shall
be sanctioned accordingly.
Please be guided.
Mahmoud K. Umar
Director, Currency Operations Department

quite enticing innovation...bit d question remains..do we ave network dat can guarantee d success of its implimentan,.how long b4 we adapt to dis new concept..