CBN Suspends New Withdrawal and Deposit Processing Fees; Directs Refunds



Friday, April 21, 2017/ 1:25 PM /CBN 

1. You will recall that a directive was issued on the nationwide implementation of the Cash-less policy vide our circular with reference numbers BPS/DIR/GEN/CIR/04/001 dated 21st February, 2017 and BPS/DIR/GEN/CIR/04/002 dated 16th March, 2017 

2. 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. 

3. 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; 


Please note also that the policy on third party cheque shall remain in force. 

4. 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 the No.3 above should be applied. All necessary refunds should be made accordingly. 




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