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Business > Money Market
CBN suspends cashless policy, asks banks to refund charges
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By Staff Reporter
April 21, 2017 10:32:02am GMT      |      Views: 506
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WorldStage Newsonline-- The Central Bank of Nigeria (CBN) on Friday suspended the implementation of its cashless policy while directing banks to revert to old charges and refund customers who had been debited.

In the earlier directive CBN had directed banks to charge 1.5% and 2% for cash deposits ranging from N500,000 and N1 million in the individual category while charges 5% and 10% were for deposits and withdrawals above N40m in the corporate category.

But in a circular on Friday, signed by Dipo Fatokun, director, banking and payments system department, CBN said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.

“You will recall that a directive was issued on the nationwide implementation of the cashless policy vide our circulars with reference numbers BPS/DIR/GEN/CIR/04/001 dated February 21 and BPS/DIR/GEN/CIR/04/002 dated March 16,” the circular read.

“Please note that the new withdrawal and deposit processing fee charges above the threshold, as contained in the circulars referenced above, are hereby suspended until further notice. The position of the policy shall now revert to the status quo ante.”

The old charges to be reverted are 3% processing fee for withdrawals above N500,000 in the individual category and 5% for withdrawals above N3 million.

“The new policy already applied effective April 1, 2017 as contained in the circulars in reference above should be reversed and the old charges be applied. All necessary refunds should be made accordingly,” the circular said

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