The Central Bank of Nigeria said it has exempted all embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria from penalties and charges on cash withdrawal and deposits with regards to the cashless Nigeria project.
The central bank said it is exempting them because Nigeria is a signatory to several treaties which exempt the institutions from all fees and charges in the host country.
This was contained in a memo to banks in the country and signed by the central bank’s acting director, Banking and Payment System Department, G.I Emokpae.
“As a matter of international practice, sovereign states do not impose financial penalties on other sovereign states, it has become necessary therefore to extend the exemption on cash withdrawal/deposit to these institutions,” the memo read.
The central bank had last week formally shifted the full commencement of its cashless policy nationwide from June 1 to January 1, 2013 while the pilot phase of the programme in Lagos State would begin on April 1, 2012.
It had also raised the cash deposit limit for individuals from N150,000 to N500,000 while that for corporate organisations was raised from N1 million to N3 million.
The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10 per cent to 3 per cent, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20 per cent to 5 per cent.
No comments:
Post a Comment