Nigeria: Cashless Policy - Business Owners Intensify Pressure

22 July 2012

As robbery attacks on business outlets in various parts of the country escalate, there are indications that the Central Bank of Nigeria (CBN) is under fresh pressure to tamper with the threshold set for daily withdrawal and lodgement for corporate customers in its cashless policy.

According to the policy, commencing from June 1, a daily cumulative limit of N500, 000 and N3 million on free cash withdrawals and lodgements by individual and corporate customers respectively was approved by the CBN.

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