{"id":12457,"date":"2017-04-21T14:34:42","date_gmt":"2017-04-21T13:34:42","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12457"},"modified":"2017-04-21T14:35:35","modified_gmt":"2017-04-21T13:35:35","slug":"cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/","title":{"rendered":"CBN suspends directives on cashless policy, banks to refund charges"},"content":{"rendered":"

The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy.<\/p>\n

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

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 percent and 10 percent for deposits and withdrawals above N40 million in the corporate category.<\/p>\n

The bank had fixed 1.5 percent and 2 percent for deposits ranging from N500,000 and N1 million in the individual category.<\/p>\n

But in the circular signed by Dipo Fatokun, director, banking and payments system department, CBN said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cYou 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,\u201d the circular read.<\/p>\n

\u201cPlease 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.\u201d The old charges to be reverted to 3 percent processing fee for withdrawals above N500,000 in the individual category and 5 percent for withdrawals above N3 million.<\/p>\n

\u201cThe 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.\u201d<\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) 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. …<\/p>\n","protected":false},"author":11,"featured_media":10940,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[36],"coauthors":[2392,2393],"class_list":["post-12457","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-cbn"],"yoast_head":"\nCBN suspends directives on cashless policy, banks to refund charges - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN suspends directives on cashless policy, banks to refund charges - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) 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. …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-21T13:34:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-04-21T13:35:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/02\/cbn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"216\" \/>\n\t<meta property=\"og:image:height\" content=\"163\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/02\/cbn.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/02\/cbn.jpg\",\"width\":216,\"height\":163},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/\",\"name\":\"CBN suspends directives on cashless policy, banks to refund charges - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#primaryimage\"},\"datePublished\":\"2017-04-21T13:34:42+00:00\",\"dateModified\":\"2017-04-21T13:35:35+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CBN suspends directives on cashless policy, banks to refund charges\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\",\"name\":\"Dayo Emmanuel\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CBN suspends directives on cashless policy, banks to refund charges - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/","og_locale":"en_US","og_type":"article","og_title":"CBN suspends directives on cashless policy, banks to refund charges - National Wire","og_description":"The Central Bank of Nigeria (CBN) 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. …","og_url":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/","og_site_name":"National Wire","article_published_time":"2017-04-21T13:34:42+00:00","article_modified_time":"2017-04-21T13:35:35+00:00","og_image":[{"width":216,"height":163,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/02\/cbn.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Dayo Emmanuel","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/02\/cbn.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/02\/cbn.jpg","width":216,"height":163},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/","name":"CBN suspends directives on cashless policy, banks to refund charges - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#primaryimage"},"datePublished":"2017-04-21T13:34:42+00:00","dateModified":"2017-04-21T13:35:35+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/cbn-suspends-directives-on-cashless-policy-banks-to-refund-charges\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"CBN suspends directives on cashless policy, banks to refund charges"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f","name":"Dayo Emmanuel","url":"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/12457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=12457"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/12457\/revisions"}],"predecessor-version":[{"id":12459,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/12457\/revisions\/12459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/10940"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=12457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=12457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=12457"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=12457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}