29.3 C
Abuja

CBN Suspends Nationwide Implementation Of Cashless Policy

Advertisement

Related

Advertisement
Advertisement

The Central Bank of Nigeria, CBN, has suspended nationwide implementation of the cashless policy which places a restriction on the amount of cash one can withdraw or deposit.

This was contained in a circular issued on Friday, by CBN’s director of banking and payments department system.

The circular instructed banks to revert to old charges and refund customers who had been debited.

Recall that the CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000.

Banks were directed to charge 1.5 percent and 2 percent for deposits ranging from N500,000 and N1 million by individuals, while as much as 5 percent and 10 percent will be charged for deposits and withdrawals above N40 million by corporate bodies.

However, the apex bank, in Friday’s circular urged banks to revert to the existing policy before the announcement of the new policy.

The initial policy states that the cashless policy is operational only in 6 states of the federation and the Federal Capital Territory, FCT.

- Advertisement -

The states include: 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 stated.

“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.”

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.

[molongui_author_box]

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Advertisement

Recent

Buhari accuses governors of stealing LGA funds

PRESIDENT Muhammadu Buhari has accused governors of stealing from the allocations of local government...

Former Gusau Varsity VC jailed 35 years over N260m fraud

A FORMER Vice Chancellor of Federal University Gusau (FUGUS), Magaji Garba, has been sentenced...

Despite long queues, NNPC says it has 2 billion of litres of PMS in stock

DESPITE long queues at filling stations in Lagos, Abuja and other parts of the...

Most government agencies violating rules on spending of generated revenue – RMFAC DG

The Director-General of the Revenue Mobilisation and Fiscal Allocation Commission (RMFAC), Mohammed Shehu, said...

Lawyer faults Aisha Buhari over student’s arrest

HUMAN rights lawyer Monday Ubani has faulted the wife of the President, Aisha Buhari,...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement