Pages Navigation Menu

Nigeria news, headlines, events , stories and all that is trending today

CBN Reverses Cashless Policy, Directs Banks to Refund Deductions

In what could be described as a policy reversal, 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;

The post CBN Reverses Cashless Policy, Directs Banks to Refund Deductions appeared first on Timeofgist.com.

This post was syndicated from Timeofgist.com. Click here to read the full text on the original website.

Do you something awesome to share with the world? Click here to share

Get thousands of free final year project topics and materials sorted by subject to help with your research

Do you ever have any question about anything you wish to ask and get answer? Click here to ask

Follow us on twitter @NigeriaTodayNG

Also, Like us on facebook

Comments

Be the First to Comment!

Notify of
avatar
wpDiscuz

Notice: Trying to get property of non-object in /home/nigtoday/public_html/wp-content/plugins/jetpack/modules/gravatar-hovercards.php on line 238
Download the Nigeria Today app from Play store. Click here download now
Hello. Add your message here.