By Chinyere Aruogu
The Central Bank of Nigeria (CBN) has suspended charges on over-the –counter or Automated Machine (ATM) withdrawals of more than N500,000 or even deposit of same sum.
It did on Friday, April 21, directing all Deposit Money Banks across the country, to immediately stop the practice.
The CBN through its Director, Banking and Payments System Department, Dipo Fatokun, issued a circular a day earlier, Thursday, April 20, and said that all the charges introduced in February, and meant to take effect from April 1, 2017, have been stopped.
Fatokun said: “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.
“For the avoidance of doubt, the old charges to be reverted to are as follows: Individual charges on withdrawals or lodgment limit is now three per cent.
“Corporate accounts will be charged five per cent for withdrawal or lodgment of over N3 million cash.
“Henceforth, nothing will be charged as processing fees for lodgments.”
Fatokun added that all banks should effect all necessary refunds to customers with immediate effect.