As the Central Bank of Nigeria (CBN) announced a policy framework that would also ensure that some denominations are redesigned, here are some of the things you need to know;
- Banks must only accept cash from customers with full KYC and bank accounts.
- Cash must only be paid into customers’ accounts. Cash must not be paid into ledgers or suspense accounts.
- CBN and EFCC will be tracking all deposits
- Old currency will become useless on the 31st of January, 2023.
- It’s an opportunity to leverage CBN’s branch network to drive funding of accounts.
- It will drive digital adoption and the opening of new accounts.
- CBN will no longer print large quantities of Cash. New cashless policy to be announced in January
- Banks that receive cash from non-account holders or customers will be penalized by CBN and EFCC
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