CBN’s Cashless Policy Takes Off In Lagos

The implementation of the cash less policy of the CBN took off in Lagos this week with enforcement of charges on deposits and withdrawals above the prescribed limits.

The CBN has directed that deposits and withdrawals above N500,000 for individuals and N3 million for corporate accounts would attract charges from Monday, April 2.

Reports say that many banks in Lagos enforced the policy which led to long queues in some banking halls.

During the week, the apex bank imposed a fine of N47.71 million on Stanbic IBTC bank for allegedly contravening some provisions of the Commercial Agricultural Credit Scheme (CACS).

The apex bank alleged that the sum of N470 million was withdrawn from Stanbic IBTC Bank by one of its customers, Albookys Nigeria Ltd., which contravened the CACS guidelines.

Reacting to these developments, Mr Ayodeji Fagbenle, General Manager, Cash Craft Assets Management Ltd., commended the CBN for the take-off of the cash less policy.

He said that the policy would make cheques more acceptable as mode of payment for transactions.

Fagbenle said that the sanction meted to Stanbic IBTC Bank would ensure stability in the financial system.