As part of efforts to ensure full compliance with the Naira redesign deadline, the Central Bank of Nigeria has directed banks to accept cash deposits beyond cashless policy threshold.
Director, corporate communications department of the CBN, Mr Osita Nwanisobi, disclosed this at the CBN’s special day at the ongoing 2022 Lagos international trade fair.
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The CBN cashless policy stipulates a daily cumulative limit of N500, 000 and N3,000,000 withdrawals and lodgments by individual and corporate customers respectively, without charges.
Mr Osita said the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
He noted that the eNaira has recorded over 700,000 transactions worth about N8 billion within its first year (October 2022).
According to him 33 banks have been fully integrated and live on the platform. In addition to the foregoing, over 1.0 million customers have been onboarded while over 3,305 merchants have successfully registered on the eNaira platform across the country.
Nwanisobi said the theme of the fair, which is Connecting Businesses, Creating Value’, is in line with the Central Bank’s strategy of consistently creating enabling policies that drive economic activities, job creation, increased productivity, and contribute to sustainable inclusive economic growth and development of the country.
“The Central Bank of Nigeria will continue to demonstrate unwavering commitment to supporting a productive economy and prudent management of the country’s vast resources as that is the only panacea to reaching Nigeria’s desired economic destination,” the director said.
