Regulatory Alerts2017-04-21 | BPS/DIR/GEN/CIR/04/004Re: Circular On National Implementation of The Cash-Less Policy
The Central Bank of Nigeria has suspended the new withdrawal and deposit processing fee charges for accounts above a certain threshold. The policy reverts to the previous charges for individual and corporate accounts, as indicated in the table provided. The policy on third-party cheques remains unchanged, and banks are instructed to reverse any new charges applied from April 1, 2017, and refund customers accordingly.
BANKING AND PAYMENTS SYSTEM DEPARTMENT BPS/DIR/GEN/CIR/04/004 CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187.
Garki, Abuja.
+234 - 0946238445 20th April, 2017 RE: CIRCULAR ON NATIONWIDE IMPLEMENTATION OF THE CASH-LESS POLICY 1. 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 21st February, 2017 and BPS/DIR/GEN/CIR/04/002 dated 16th March, 2017.
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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.
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For further clarification, the existing policy prior to the announcement of the new policy as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT shall remain in force. For the avoidance of doubt, the old charges to be reverted to are as indicated in the table below;
| Account type | Withdrawals/lodgment | Processing | Processing fees |
|---|---|---|---|
| limits | fees for | for lodgments | |
| withdrawals | |||
| Individual | 4500,000 | 3% | Nil |
| Corporate | 43,000,000 | 5% | Nil |
Please note also that the policy on third party cheques shall remain in force.
- The new charges already applied effective 1st April, 2017 as contained in the circulars in reference above, should be reversed and the old charges as stated in No.3 above, should be applied. All necessary refunds should be made accordingly.
Please, ensure strict compliance.
'Dipo Fat Director, Banking & Payments System Department