CBN suspends Cashless policy in 6 states

The Central Bank of Nigeria (CBN) has suspended its cashless policy charges in Abia State, Abuja, Anambra State, Kano State, Ogun and Rivers States till October 1, 2013.

CBN introduced the cashless policy which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits; the new policy aims at reducing the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions.