Central Bank suspends cashless policy

The Central Bank of Nigeria has suspended its earlier directive on the implementation of cashless policy.

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

CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000.

The apex bank had directed banks to charge 5% and 10% for deposits and withdrawals above N40m in the corporate category.

Director, Banking and Payments System Department, Dipo Fatokun said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.