Copy

Friday, 21 April 2017

BREAKING News: CBN Reverses Cashless Policy, Directs Banks To Refund Deductions

The Central Bank of Nigeria (CBN) on Friday, suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday and signed by Dipo Fatokun, director, banking and payments system department, CBN instructed banks to revert to old charges and refund customers who had been debited.

The apex bank said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.

CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000. It had also 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.

Here's the circular in full:

No comments:

Post a Comment

I’m glad you visited Alabekee’s blog. I love to read your opinion. Please spare me few minutes of your valuable time and drop a comment because it will motivate me to blog better.

DISCLAIMER: Please note that apart from www.alabekee.com, Alabekee does not own any other blog/website. Also bear in mind that comments on this blog are not posted by Alabekee. Alabekee’s blog readers are totally responsible for the comments they post on www.alabekee.com.

Contact me for Inquiries/Tip-offs – alabekee44@gmail.com or Call 08060623254/09051251337

Follow me on Twitter-@AlabekeeOla
Instagram - alabekeesblog
Facebook - Alabekee Ola

Thanks so much for being part of Alabekee’s blog!