CBN begins charges on deposits, withdrawals above N500,000

CBN begins charges on deposits, withdrawals above N500,000

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The Central Bank of Nigeria says the nationwide implementation of the cashless policy will begin by March 31, 2020.

This was contained in the apex bank’s latest circular to all Deposit Money Banks in the country as the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from Wednesday (today) will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above five hundred thousand Naira for individual accounts.

For corporate accounts, the apex bank in the circular said that deposit money banks would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above three million Naira.

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