Central Bank of Nigeria (CBN) has suspended the nationwide implementation of the cash-less policy indefinitely.
This was disclosed on Friday in a circular signed by Dipo Fatokun, Director, Banking and Payments System Department of CBN.
In the letter, the apex bank instructed banks to revert to old charges and refund customers who had been debited.
CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000 for individuals and N3 million for corporate.
But the new circular said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.