The Central Bank of
Nigeria (CBN) has suspended its earlier directive on the implementation of
cashless policy.
In a circular released on Friday, the apex bank instructed banks
to revert to old charges and refund customers who had been debited.
CBN had earlier announced new charges on deposit and
withdrawals above a threshold of N500,000.
The apex bank had directed banks to charge 5% and 10% for deposits
and withdrawals above N40m in the corporate category.
The bank had fixed 1.5% and 2% for deposits ranging from N500,000
and N1 million in the individual category.
But in the circular 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 to 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 Cable
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