RE: CBN CIRCULAR ON NATIONWIDE IMPLEMENTATION OF CASHLESS POLICY

Dear Customers, This serves to inform you that the Central Bank of Nigeria (CBN) has announced its plan to extend the Cashless Policy to all the remaining States of the Federation by October 1st, 2017. New charges for certain categories of cash deposits and withdrawals have also been introduced and will apply at various points during the policy implementation. These new charges have been introduced to limit the cash transactions by bank customers throughout the country. The table below highlight the new charges, the dates they will be applied and, the States in which the new charges will be applied:
Amount Withdrawals Deposits
INDIVIDUAL Less than N500,000 No Charges No Charges
N500,001 – N1m 2% 1.5%
Above N1m – N5m 3% 2%
Above N5m 7.5% 3%
CORPORATE Less than N3,000,000 No charges No charges
N3m – N10m 5% 2%
Above N10m -N40m 7.5% 3%
Above N40m 10% 5%
 
Date States
1st April, 2017 Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT
1st May, 2017 Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau
1st August, 2017 Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba, Nasarawa
1st October, 2017 Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara
  Because we know that this policy may not fit perfectly into your current banking style, we are happy to inform you that we have at your disposal, various electronic products that will suit you perfectly. Please contact your One-Customer Centre on 0700STERLING(070078375464), chat with us on www.sterlingbankng.com or send an email to customercare@sterlingbankng.com, and we will tell you all about these great services specially designed for you. Thank you for choosing Sterling Bank.
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