In what could be described as a policy reversal, the Central Bank of Nigeria (CBN) on Friday 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.
The bank had fixed 1.5% and 2% for deposits ranging from N500,000 and N1 million in the individual category.
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…
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