Central Banking

Nigeria unveils payments system overhaul


The Central Bank of Nigeria has revealed policy directives aimed at addressing the currency management challenges in Nigeria, and enhancing the national payments system.

The retail cash policy, which will commence on June 1, 2012 said that over-the-counter cash transactions above 150,000 naira ($982) and 1,000,000 naira for individual and corporations respectively will attract a charge.

The policy recognises that merchants have to be able to receive payments, therefore it allows merchants and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account