Tuesday, May 23, 2023
  • About Us
  • Letter to the Editor
  • Data Usage Policy
  • Contact Us
MetroNews NG
  • Metro
  • Lagos
    • Opinion
    • Interview
    • Weird
  • World
  • Business
  • Sports
  • Nollywood
  • Odawood
  • Lifestyle
    • Careers
    • Education
    • Health
  • MetronewsNG TV
No Result
View All Result
MetroNews NG
No Result
View All Result

CBN Reverses Cashless Policy

metronews by metronews
April 21, 2017
in Default
0

The Central Bank of Nigeria, CBN, on Friday announced the suspension
of its earlier directive on the implementation of cashless policy issued
after the 493rd bankers committee meeting that held on February 8.

In a circular signed by its Director, Banking and Payments System
Department, Dipo Fatokun, the apex bank instructed banks to revert to
old charges and refund customers who had been debited.
This is coming after it had earlier announced new charges on deposit and withdrawals above a threshold of N500,000.

CBN had directed banks to charge 5 per cent and 10 per cent for
deposits and withdrawals above N40m in the corporate category, even as
it fixed 1.5 per cent and 2 per cent for deposits ranging from N500,000
and N1 million in the individual category.

But in the circular issued on Friday, 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.
“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.

“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 circular read.

The old charges to be reverted to are 3 per cent processing fee for
withdrawals above N500,000 in the individual category and 5 per cent 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,”
the CBN stated.

Previous Post

Unilag student abducted in front of hostel

Next Post

Nigerian Pastor Arrested In South Africa Over Sexual Assault

Related Posts

Default

10th NASS: Why Hon. Aminu Sani Jaji is best hand for Speakership

April 12, 2023
Default

Lagos Lawmakers Summon Commissioner, Others Over Alleged Disregard For Law

April 6, 2023
Marwa commends Rabiu as ASR Africa boosts NDLEA with N500m grant
Default

Marwa commends Rabiu as ASR Africa boosts NDLEA with N500m grant

December 21, 2022
Next Post

Nigerian Pastor Arrested In South Africa Over Sexual Assault

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • #SmartLagos
  • Basketball
  • Beauty
  • Boxing
  • Breaking
  • Business
  • Careers
  • Crime
  • Default
  • Education
  • Entertainment
  • Event
  • Fashion
  • Featured
  • Football
  • Gaming
  • Gist
  • Golf
  • Health
  • Inspirational Patience
  • Interview
  • Investigative
  • Lifestyle
  • local
  • MetroMan
  • MetroPerson
  • metroplus
  • MetroProfile
  • Movies
  • Music
  • MUSIC
  • New Music
  • News
  • Nollywood
  • Novels
  • Odawood
  • Opinion
  • Parenting
  • Photos
  • Politics
  • Press Release
  • Relationship
  • Religion
  • Scandal
  • Sex
  • Society
  • Sports
  • Technology
  • Travel
  • TV
  • Videos
  • Weird
  • Wheels
  • World

BROWSE BY TOPICS

#COVID19Nigeria #EndSARS Adams Oshiomhole Akinwunmi Ambode APC ASUU Atiku Abubakar Baba Jide Sanwo-olu Big brother Naija 2020 boko haram Buhari Bukola Saraki CBN court COVID-19 davido Donald Trump Edo Election Edo state Edo State Election efcc Federal Government FG Godwin Obaseki Goodluck Jonathan IGP INEC ize iyamu Kayode Fayemi Lagos Lagos State Lai Mohammed Muhammadu Buhari NCDC Nigeria Obaseki Otunba Gbenga Daniel PDP police President Buhari President Muhammadu Buhari Sanwo Olu tinubu wike Yemi Osinbajo

Recent News

  • 10th NASS: Why Hon. Aminu Sani Jaji is best hand for Speakership
  • Lagos Lawmakers Summon Commissioner, Others Over Alleged Disregard For Law
  • Tinubu Yet to Make Gbajabiamila Chief of Staff, Group Insists
  • About Us
  • Letter to the Editor
  • Data Usage Policy
  • Contact Us

© Copyright MetroNews NG 2020. All rights reserved.

No Result
View All Result
  • Metro
  • Lagos
    • Opinion
    • Interview
    • Weird
  • World
  • Business
  • Sports
  • Nollywood
  • Odawood
  • Lifestyle
    • Careers
    • Education
    • Health
  • MetronewsNG TV

© Copyright MetroNews NG 2020. All rights reserved.