CBN begins charges on deposits, withdrawals above N500,000
The Central Bank of Nigeria has announced that the nationwide implementation of the cashless policy will begin by March 2020. In a circular released on Tuesday September 17th, the apex bank said this in a circular to all Deposit Money Banks in the country.
According to the apex bank, the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. The charges which take effect from today Wednesday September 18th 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.
The circular stated that 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.
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.
It added that the implementation of the cashless policy would take effect from March 31, 2020.