CBN Announces New Charges For Withdrawals And Deposits.
Written by Smooth FM on September 18, 2019
The Central Bank of Nigeria has announced the commencement of charges on deposits in addition to already existing charges on withdrawals.
In a circular titled: “Re: Implementation of the Cashless Policy,” that was addressed to all banks, it announced that the charges, which take effect from today, would attract three per cent processing fees for withdrawals and two per cent processing fees for lodgements of amounts above N500,000 for individual accounts.
Similarly, corporate accounts would attract five per cent processing fees for withdrawals and three per cent processing fee for lodgements of amounts above N3,000,000.
The statement, however, disclosed that for now, the charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.
The CBN also announced that the full implementation of the cashless policy will become effective from March 31, 2020.
