Central Banking

Nigeria rolls out ‘cash-less’ Lagos project

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The Central Bank of Nigeria released a document on December 30 containing explanations of the key elements of the cash-less Lagos project.

The pilot scheme has introduced a new policy on cash-based transactions that stipulates a cash handling charge on daily cash withdrawals or cash deposits that exceed 150,000 Nigerian naira ($937) for individuals and 1,000,000 Nigerian naira for corporates.

The central bank made clear the new policy on cash-based transactions in banks is aimed at reducing, not

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