The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy.

In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.

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

The apex bank had 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.

But in the circular signed by Dipo Fatokun, director, banking and payments system department, CBN said the existing policy before the announcement of the new policy shall remain in place in 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 read.

“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.
https://www.thecable.ng/breaking-cbn-reverses-cashless-policy

Originally a strange policy from a confused CBN boss & Co. @Op, source tho'?

mymadam:
Originally a strange policy from a confused CBN boss & Co. @Op, source tho'?

Recieved that sms from our supplier this morning

Emefiele has started this his going forward and backward again. Now that we are already trying to forgive him his past sins, he wants to start another level of somersault. He should give himself brain before we kick him out.

Why implement a policy in the first instance without thinking it through properly?

Nonsense.

mymadam:
Originally a strange policy from a confused CBN boss & Co. @Op, source tho'?

So It's finally on the news

hmmm Act before you think!

Welcome development..... My customers were already thinkin of how to start keeping money at home.

agabusta:
Emefiele has started this his going forward and backward again. Now that we are already trying to forgive him his past sins, he wants to start another level of somersault. He should give himself brain before we kick him out.

Why implement a policy in the first instance without thinking it through properly?

Nonsense.

what of you people that voted haribu without thinking it through?

bettercreature:
So It's finally on the news

Yeah, good info, bettercreature. Ur head dey dia jare. Notin' do u

Nice move. Government should put on hold any policy that will create friction in our economy.

Malawian:

what of you people that voted haribu without thinking it through?

Oga nothing concern buhari here, CBN are on there own to make any decisions, you are supporting him because u are bias.

This APC govt is one step forward, two backwards