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CBN issues a new directive on cashless policy
The new directives immediately become operational across the country except Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.
Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria
In a circular released on Friday, April 21, 2017, the apex bank directed commercial banks to revert to old charges and refund customers who had been debited based on earlier directives issued on February 21 and March 16, 2017.
In these circulars, CBN had announced new charges on deposit and withdrawals above N500,000 for individuals and N40m for corporate category.
But in the new circular signed by Dipo Fatokun, Director, Banking and Payments System said the new policy take immediate effective in all states expect Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.
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“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 statement also stated that “…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.”
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