Connect with us

Banking and Saving

CBN to intriduce new charges on bank deposits and withdrawals

Valentine Chinyem

Published

on

The Central Bank of Nigeria has said it would henceforth charge depositors as well as those making withdrawals starting from September 18, 2019.

This was made known on Tuesday. The CBN added that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said that 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 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.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

More, the bank noted that the charge on deposits would apply to only transactions done in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.