L
LequteMan
Guest
The Central Bank of Nigeria, CBN, has directed banks in the country to halt charges charged on cashless policy.
In June 2014, CBN had while announcing the take-off of the third and final phase of the cashless policy, said charges on withdrawals for both individual and corporate account holders would be suspended in 30 states of the federation till July 1, 2015.
Deposit Money Banks nationwide had started exerting charges on cash withdrawals by their customers in excess of set limits on July 1st.
However CBN in a new circular has ordered the reversal of the policy.
"It has come to our notice that some banks have started applying charges on withdrawals above the threshold in the remaining 30 states of the Federation." the circular said.
"CBN hereby directs that the charges in these 30 States be put on hold, until further directive is received from the Bank."
"In the light of the above, charges inadvertently applied by banks on their customers ‘account in the remaining 30 States with effect from 1st July, 2015 should be reversed immediately." it said.
In June 2014, CBN had while announcing the take-off of the third and final phase of the cashless policy, said charges on withdrawals for both individual and corporate account holders would be suspended in 30 states of the federation till July 1, 2015.
Deposit Money Banks nationwide had started exerting charges on cash withdrawals by their customers in excess of set limits on July 1st.
However CBN in a new circular has ordered the reversal of the policy.
"It has come to our notice that some banks have started applying charges on withdrawals above the threshold in the remaining 30 states of the Federation." the circular said.
"CBN hereby directs that the charges in these 30 States be put on hold, until further directive is received from the Bank."
"In the light of the above, charges inadvertently applied by banks on their customers ‘account in the remaining 30 States with effect from 1st July, 2015 should be reversed immediately." it said.
