Further to its previous circular on “Implementation of the Cash-less Policy”, the Central Bank of Nigeria has exempted select government agencies, embassies as well as Microfinance Banks until March 31,2020 when it will be reviewed.
In a Circular signed by the Director, Payments System Management Department, Sam C. Okojere and obtained by The Sight News, the apex Bank listed the following for exemption—Revenue generating accounts of the Federal, State and Local Governments; Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies in Nigeria.
Others are; Ministries, Departments and Agencies of Government (revenue collection only); Mobile Money Operators (Float accounts only), and Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs) accounts with DMBs
Recall that in the last Monetary Policy Committee meeting in September, the CBN Governor, Godwin Emefiele had noted that the cash-less policy is in no way designed to disenfranchise hardworking Nigerian businesses, many of whom, he said, have embraced electronic payment channels and online digital marketplaces.
He emphasized that it is in the public interest to promote an efficient payment system via the cash-less policy, which he noted, helps to reduce the punitive cost of cash processing, often passed on to bank customers by the Deposit Money Banks