By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has announced the suspension of charges on cash deposits and withdrawals across the country.
In a circular dated Thursday, April 20, 2017, and signed by the Director of Banking & Payments System Department, Mr Dipo Fatokun, the banking industry watchdog said directed banks to revert to the “old charges of 3 percent processing fee for withdrawals and no processing charges for lodgements.”
“You will recall that a directive was issued on the nationwide implementation of the cashless policy via our circulars with reference numbers BPS/DIR/GEN/CIR/04/001 dated February 21, 2017 and BPS/DIR/GEN/CIR/04/002 dated March 16, 2017.
“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 CBN said in its latest circular.
It stressed that for further clarification, the existing policy prior to the announcement of the new policy as earlier implemented in “Lagos, Ogun, Kano, Abia, Anambra, Rivers States and the FCT shall remain in force.”
The circular said the old charges to be reverted to are 3 percent processing fee for withdrawals and no processing charges for lodgements on individual accounts within N500,000; and 5 percent processing fee for withdrawals and no processing charges for lodgements on corporate accounts within N3 million.
However, Mr Fatokun emphasised that “the policy on third party cheques shall remain in force,” adding that “The new charges already applied effective April 1, 2017 as contained in the circulars in reference above, should be reversed and the old charges as stated above should be applied.”
He concluded by directing the banks that, “All necessary refunds should be made accordingly.”
Adedapo Adesanya