CBN begins charges on deposits and withdrawals above N500,000

The Central Bank of Nigeria has announced the nationwide implementation of the cashless policy which will begin by March 2020. In a circular released on Tuesday September 17th, the apex bank said, the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

The circular however disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory as from today Wednesday September 18th while other state in March 31st 2020.

The circular stated that it will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts and for corporate accounts, DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.

Read the circular below:

Tagged in :

Leave a Reply