Cashless policy: CBN suspends charges on large withdrawals


The Central Bank of Nigeria has directed Deposit Money Banks to suspend charges on over- the – counter or ATM withdrawals of above N500 , 000 or deposit of same amount.
The apex bank’ s Director , Banking and Payments System Department , Mr . Dipo Fatokun , in a circular dated April 20 , 2017 , said all the charges introduced in February, and meant to take effect from April 1 , 2017 , have been dropped .
“ 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 .
“ For the avoidance of doubt , the old charges to be reverted to are as follows : an individual charge on withdrawals or lodgment limit is now three per cent.
“ Corporate accounts will be charged five per cent for withdrawal or lodgment of over N 3 m cash.
“ Henceforth, nothing will be charged as processing fees for lodgments, ” he said .
Fatokun directed banks to make all necessary refunds to customers with immediate effect .CBN-building

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