PHOTO: CBN makes a policy U-turn on bank charges on withdrawals and cashless policy

The Central Bank of Nigeria, has today released a circular in what looks like a U-turn on its earlier directives to Commercial banks on different charges on bank customers...

...where deposits or withdrawals ranging from N500,000 to N1million, will attract a bank charge of  1.5% to 2% and withdrawals from N40million from corporate organisation attracting 5% to 10%...

 

Though the charges when it was introduced, was greeted with alot of displeasure, but the Central bank then together with the commercial banks still went ahead to make sure it was implemented, making billions of naira from it...But the sad news is that, these new policy U-turn only favour some states...and those ones that are economically advanced were those that the old policy will remain in their respective states...like Lagos for example...

The new circular which was signed by Mr Dipo Fatokun a director of the organisation, on banking and Payment system state that:

 “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.

This new directives those now cover such states as: Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.