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

To continue reading...

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 indvidual account here: