CBN To Charge On Deposit, Withdrawal Above 500k

The Central Bank of Nigeria (CBN) has announced that effective from March 31, 2020, they will begin the full implementation of the cashless policy.

In the circular titled: “Re: Implementation of the Cashless Policy,” addressed to every bank, CBN stated that they will begin to charge on deposits.

According to the circular, banks will begin to charge customers from Wednesday (today) three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

For corporate accounts, they will be charged five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.

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