Banks begin selective implementation of n150,000 Cash limit
CBN’s planned introduction of cash limits of N150, 000 and N1 million on free cash withdrawal and deposit for individual account holders and corporate bodies respectively is being introduced gradually by some banks.
Consequently, it imposed charges of N100 per N1000 for individuals and N200 per N1000 for corporate bodies for cash transactions above the limits. The limit, according to the CBN, is to reduce the cost of cash processing in the industry. Although the apex bank said that the policy would commence December with a pilot scheme in Lagos, which would be extended to Port Harcourt, Abuja and Kano by June next year, some banks have started selective implementation of the policy, which also banned banks from offering free cash pick services for customers.
sources said the CBN in a hurry to implement the policy, has encouraged banks to start the implementation as no bank can do such a thing without clearance from the CBN.