The Central Bank of Nigeria, CBN, has suspended the implementation of the cashless policy across the country. The policy places a restriction on the amount of cash one can withdraw or deposit. The CBN in a circular issued by its Director of Banking and Payments Department System, on Friday, instructed banks to revert to old charges and refund customers who had been debited
“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 initial policy states that the cashless policy is operational only in 6 states of the federation and the Federal Capital Territory, FCT.
The states include: Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.