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[News] : Cashless Policy: CBN suspends charges on large withdrawals

The Central Bank of Nigeria, has guided Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or store of same sum.

The Apex bank’s Director, Banking and Payments System Department, Dipo Fatokun, in a round dated April 20, 2017, said every one of the charges presented in February, and intended to produce results from April 1, 2017, have been dropped.

“For further illumination, the current arrangement preceding the declaration of the new approach as prior executed in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT should remain.

“For the shirking of uncertainty, the old charges to be returned to are as per the following: Individual charges on withdrawals or lodgement point of confinement is presently three for every penny.

“Corporate records will be charged five for every penny for withdrawal or lodgement of over N3 million money.

“From this time forward, nothing will be charged as preparing expenses for lodgements,” he said.

Mr. Fatokun guided banks to make every single important discount to clients with quick impact.

The News Agency of Nigeria (NAN) reviews that the CBN in February declared its arrangement to extend the Cashless Policy to all the rest of the conditions of the Federation by Oct. 1, 2017, to upgrade the productivity of installment frameworks.

This strategy, which got a considerable measure of reaction from market experts, was to start in stages inside the nation with impact from April 1, 2017.

The approach presented charges on the combined money withdrawals or stores per client every day, regardless of the channels utilized either over-the-counter or ATM.

The charges for people was two for each penny for withdrawals above N500,000 to N5 million, 1.5 for each penny on stores for N500,000 to N1 million, and three for every penny on stores above N1 million to N5 million.

Additionally, singular withdrawals above N5 million was to bring about a 7.5 for each penny charge.

Likewise, corporate records were additionally to cause a charge of two for every penny on withdrawals extending from N3 million to N10 million, while withdrawals of that sum would be at a five for each penny charge.

Over-the-counter store of above N10 million to N40 million was to draw in a three for every penny charge and 7.5 for every penny on withdrawals, while above N40 million pulls in five for every penny on stores and 10 for each penny on withdrawals.

Be that as it may, the arrangement exempted income creating records of the elected, state and nearby governments, services, divisions and offices of government from money store charge.

Additionally, records of consulates, strategic missions, multilateral, guide giver organizations in Nigeria, microfinance banks and essential home loan foundations were exempted from the money store and withdrawal charges.

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