CBN Charges Fees On Deposits, Withdrawals

The Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank on Tuesday said this in a circular to all Commercial banks in the country.
CBN said that implementation of the policy would show the imposition of charges on deposits in addition to already existing charges on withdrawals.

The circular, said the charges, which take effect from Wednesday, September 18, 2019, 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.

Accordingly, for corporate accounts, the apex bank in the circular said that commercial banks would charge five per cent processing fees for withdrawals and three 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 the Rivers States as well as the Federal Capital Territory.

It noted that the implementation of the cash-less policy would take effect from March 31, 2020.