The Central Bank of Nigeria (CBN) yesterday said that there was no going back from the implementation of its earlier released “Industry policy on retail cash collection and lodgment” which imposes restrictions on daily cash deposits and withdrawals either by individuals or corporate entities.
The policy restricts individuals from making deposits and withdrawals above N150, 000 per day and imposes payment of N100 per extra N1000 above the limit just as corporate organizations are restricted from making deposits or withdrawals above N1,000,000 and each extra N1000 will attract N200 with effect from June 1, 2012.
It further hiked the Monetary Policy Rate (MPR) from previous 7.5 to 8 percent, monetary policy stance targeted at checkmating inflationary trend associated with excessive liquidity and pressure on foreign exchange market.
The CBN governor, Mallam Sanusi Lamido Sanusi announced this yesterday while briefing newsmen at the end of the apex bank’s Monetary Policy Committee (MPC) meeting.
He explained that the cash policy limit was part of a comprehensive policy meant to modernize the financial system, adding that the only way to promote cashless economy is to adopt the alternatives including use of ATMs and have regulations that encourage the use of the channels.