The cashless policy which was introduced by the Central
Bank of Nigeria [CBN] and the Bankers committee commenced in Lagos State in
2012 and was extended to Abia, Anambra, Ogun, Kano, Rivers states and the FCT
last year. Today July 1 2014, the policy is to go nationwide. The aim of this
policy is to reduce the amount of cash in the system so the cashless policy,
the CBN had pegged the daily cumulative cash withdrawal/deposit limit for individual
account accounts at N500, 000 per day and N3 million naira per day for
corporate accounts.
THE QUESTION
What about those
that smuggle all their cash to foreign bank accounts?
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