Saturday, April 22, 2017

CBN suspends cashless policy, asks banks to refund charges

CBN suspends cashless policy, asks banks to refund charges
April 21
13:08 2017

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.”

Follow us on twitter @thecableng

Copyright 2017 TheCable. Permission to use quotations from this article is granted subject to appropriate credit being given to as the source.

Social Comments


  1. Manny
    Manny April 21, 18:05

    Na wa for CBN o. Which kind policy somersaults be this? Monday this. Tuesday that. Then Wednesday both Monday and Tuesday policies are reversed! Na real wah!!

    Reply to this comment
  2. Ichoku the Parrot
    Ichoku the Parrot April 21, 20:34

    Should Mr. Director not have given some insight into what led to the reversal to status quo ante? Why leave out that very important aspect of while leaving room for speculation by all and sundry?

    Reply to this comment
  3. Topmost
    Topmost April 22, 08:50

    Think CBN is not yet ready to assist FG in fighting the tax invaders. Reversal of this new cashless policy means that people with savings acct should continue using the acct for businesses without paying any tax… When exactly will Nigeria meet up with cashless environment?

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *

Exchange Rates

April 21, 2017USDGBPEUR
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.