ABUJA – The Central Bank of Nigeria (CBN) on Friday announced reversal of the cashless policy introduced by the commercial banks effective from April 1, 2017.
The Director of Banking and Payments System Department, Dipo Fatokun, in a circular reversing the policy said, “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.
“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.”
Prompt News Online recalls that the CBN had ordered banks to charge 1.5% for deposits above N500,000 and 2% for above N1 million in the individual category.
In the corporate category, the banks were allowed to charge 5% and 10% for deposits and withdrawals above N40 million.
The policy had been in operation in Lagos, Kano, Aba, Ogun, Anambra, Rivers states and FCT.
