Central Banking

Nigeria unveils payments system overhaul

central-bank-of-nigeria

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 tr

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