CBN Cancels Cashless Policy

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In a circular issued on Friday, the apex bank directed banks to revert to old charges and refund customers who had been debited.
The 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.
However, in the circular signed by Director of banking and payments system department, Dipo Fatokun, CBN ordered banks to refund customers who have been debited and revert to former policy.

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