Business CBN Reverses Cashless Policy

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abujagirl

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The Central Bank of Nigeria (CBN) has suspended the implementation of cashless policy.

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

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 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.”
 
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