The policy was also targeted at getting more of the money in circulation into the system as well as track money laundering activities.
The cashless policy, as at then, prescribed processing fees on daily cash withdrawals and cash deposits that exceed N500,000 for individuals and N3 million for Corporate bodies. The processing fees prescribed are three per cent and five per cent on withdrawals by individuals and corporates respectively while deposits/lodgments are charged two and three per cents also for individuals and corporates respectively.
Although, the policy had taken effect in seven states, namely; Lagos, Abia, Anambra, Kano, Ogun, Rivers as well as Abuja, the CBN, in August 2015, suspended the policy to allow banks deploy the technology that would allow the policy to operate seamlessly.
