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

The Central Bank of Nigeria has reversed the cashless policy it directed banks to introduce effective April 1, 2017 in some parts of the country. 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;