The Central Bank of Nigeria, CBN has ordered banks in the country
to refund charges made on customers for daily cash withdrawal or
deposits exceeding set limit in the 30 states that full cashless policy
transactions has not taken place. The CBN disclosed that the new
policy on cash-based transactions has not officially taken place in
all the states of the country.

Briefing newsmen after the 322 Bankers’ Committee Meeting in
Lagos weekend, Mr. Kolawole Balogun, who represented the
Director Banking Supervision Department of the CBN, Tokunbo
Martins said “At the meeting we agreed that banks should refund
the charges made on customers for withdrawal and deposits in
those states that cashless policy has not taken place.”

According to him “ The cashless policy has officially taken place in
five states and federal capital, Abuja. The states are Lagos, Abia,
Anambra, Kano, Ogun and Rivers States, as well as the Federal
Capital Territory, Abuja. The CBN has not officially announced the
take off implementation of full cashless policy in other states other
than the already stated states and federal capital territory, Abuja,
due to some infrastructure bottlenecks.

We are allowing ample time for the banks to deploy adequate
infrastructure needed to support the cashless policy as well as
enable additional sensitization of various bank customers on the
merits of the policy. There are telecommunication, power and other
problems that are yet to be addressed.” The CBN has introduced a
new policy on cash-based transactions which stipulates a ‘cash
handling charge’ on daily cash withdrawals or cash deposits that
exceed N150,000 for Individuals and N1,000,000 for Corporate
bodies.

The new policy on cash-based transactions (withdrawals &
deposits) in banks, aims at reducing (not eliminating) the amount of
physical cash (coins and notes) circulating in the economy, and
encouraging more electronic-based transactions (payments for
goods, services, transfers, etc.).

Tokunbo further noted that the CBN will sanction delinquent debtors
whose names were published by banks if they refused to negotiate
with their banks on how to pay their debts. “The publication of
debtors names is ongoing and banks will be doing this on quarterly
basis” he added.

Speaking on domiciliary account, Mr. Segun Agbaje, Chief Executive
Officer, Guaranty Trust Bank Plc said “said “The restriction on
domiciliary account is just the cash deposit. Every other things
remain the same. Payment of school fees, medical treatment etc
can be done through the domiciliary account.

Any person or company that need foreign currency can go through
the CBN’s window and get whatever it wants provided it is a
genuine who cannot meet the official window requirements that can
go to parallel market. The essence is to strengthen naira and make
Nigeria less import dependent.”

http://www.vanguardngr.com/2015/08/cbn-orders-banks-to-refund-withdrawal-charges-in-30-states/

Oya, make them return my money asap

MAMA SEUN... ABEG PUT RICE N120 BEANS N20 SPAG N20 DODO N20... ABEG HELP THROW FISH 2 AND ONE POMO WEY RAPE STEW WELLA... AND ONE PURE WATER WEY DEM IMPRISON FOR FRIDGE SINCE LAST WEEK!!

When those charges were enforced, all the banks rushed into the collection...
Now that it is to be refund, let's see how fast they can be.

I just hope that they won't resort to their usual "our system is down" syndrome.
They must give me my cash

Ecobank and siphoning of person money

This is just like water on the back of a duck. CBN should intensify their supervisory role on banks cos banks have become rip-offs. They wait for one to hustle, make money and deposit before they will descend on it; 'pinching' the money every now and then in the name of one service or the other, provided.

Why my State come follow not happy again.

Better

CBN is confused

Gr8amechi:
CBN is confused

How is CBN confused? Did you even read the full news?

Good move from CBN.
I was a victim of this thieving scheme too. Payback time for GTB

utumunta:
This is just like water on the back of a duck. CBN should intensify their supervisory role on banks cos banks have become rip-offs. They wait for one to hustle, make money and deposit before they will descend on it; 'pinching' the money every now and then in the name of one service or the other, provided.

Gbammmm........

Seriously Nigeria is not about the making of rules but the enforcement.

Server will not be down to collect their share but when it comes to ours, server will never come up again .
At the end, all these CBN rants will be nothing more than a wave in a tea cup

Skye bank!U this scumbag,make una refund all my money.Thieves!!!!!!!!!!!!!!!

stinggy:

How is CBN confused? Did you even read the full news?

Good move from CBN.
I was a victim of this thieving scheme too. Payback time for GTB

Even GTB??

Used to respect them o.....



Meanwhile, I think is time oga seun removes this thread. We have recovered so we don't need reminders again

https://www.nairaland.com/1793151/concerning-catastrophic-loss-valuable-data

well timed.

They should tell access bank to stop removing 200# for sms charge too before I report them to baba oh

Austindark:
The Central Bank of Nigeria, CBN has ordered banks in the country
to refund charges made on customers for daily cash withdrawal or
deposits exceeding set limit in the 30 states that full cashless policy
transactions has not taken place. The CBN disclosed that the new
policy on cash-based transactions has not officially taken place in
all the states of the country.

Briefing newsmen after the 322 Bankers’ Committee Meeting in
Lagos weekend, Mr. Kolawole Balogun, who represented the
Director Banking Supervision Department of the CBN, Tokunbo
Martins said “At the meeting we agreed that banks should refund
the charges made on customers for withdrawal and deposits in
those states that cashless policy has not taken place.”

According to him “ The cashless policy has officially taken place in
five states and federal capital, Abuja. The states are Lagos, Abia,
Anambra, Kano, Ogun and Rivers States, as well as the Federal
Capital Territory, Abuja. The CBN has not officially announced the
take off implementation of full cashless policy in other states other
than the already stated states and federal capital territory, Abuja,
due to some infrastructure bottlenecks.

We are allowing ample time for the banks to deploy adequate
infrastructure needed to support the cashless policy as well as
enable additional sensitization of various bank customers on the
merits of the policy. There are telecommunication, power and other
problems that are yet to be addressed.” The CBN has introduced a
new policy on cash-based transactions which stipulates a ‘cash
handling charge’ on daily cash withdrawals or cash deposits that
exceed N150,000 for Individuals and N1,000,000 for Corporate
bodies.

The new policy on cash-based transactions (withdrawals &
deposits) in banks, aims at reducing (not eliminating) the amount of
physical cash (coins and notes) circulating in the economy, and
encouraging more electronic-based transactions (payments for
goods, services, transfers, etc.).

Tokunbo further noted that the CBN will sanction delinquent debtors
whose names were published by banks if they refused to negotiate
with their banks on how to pay their debts. “The publication of
debtors names is ongoing and banks will be doing this on quarterly
basis” he added.

Speaking on domiciliary account, Mr. Segun Agbaje, Chief Executive
Officer, Guaranty Trust Bank Plc said “said “The restriction on
domiciliary account is just the cash deposit. Every other things
remain the same. Payment of school fees, medical treatment etc
can be done through the domiciliary account.

Any person or company that need foreign currency can go through
the CBN’s window and get whatever it wants provided it is a
genuine who cannot meet the official window requirements that can
go to parallel market. The essence is to strengthen naira and make
Nigeria less import dependent.”

http://www.vanguardngr.com/2015/08/cbn-orders-banks-to-refund-withdrawal-charges-in-30-states/

Selective implementation of cashless policy is evil. The same laws should govern all states. Who is to blame for the states that doesn't not have enough inadequate infrastructure.

So among northern states there are no one where adequate infrastructure has been deployed. How do banks begin to implement different software codes for different states?

Good..

Austindark:
When those charges were enforced, all the banks rushed into the collection...
Now that it is to be refund, let's see how fast they can be.

I just hope that they won't resort to their usual "our system is down" syndrome.
They must give me my cash

Exactly bro, i'm currently watching them in 3D mode