Naira Scacity: CBN Suspends Cashless Policy Charges

Amidst a growing scarcity of cash and empty ATMs across the country, the Central Bank Of Nigeria (CBN) has suspended the charges on the cashless policy, allowing individuals and corporate organisations to deposit above the stipulated limit without charges.

The apex bank, in a statement signed by the acting Director, Banking Supervision, Adetona Adedeji, stated that the two per cent and three per cent charges on all cash deposits above the stipulated deposit thresholds have been suspended.

In December 2019, the CBN had imposed processing charges on cash deposits above N500,000 for individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and NonBank Financial Institutions”.

However, in a circular issued to all banks, other financial institutions and non-bank financial institutions titled, “Re: Processing Fees On Cash Deposits”, the apex bank said it “hereby suspends the charging of processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.

“Consequently, all financial institutions regulated by the CBN should accept all cash deposits from the public without any charges going forward.”

Meanwhile, ATMs remained empty with banking agents known as PoS operators increasing their charges by over 200 per cent from N100 to N300 on N10,000 withdrawal. This, they said, was due to scarcity of cash.