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Central Bank Of Nigeria Stipulates New Fee Charge For Deposits And Withdrawals.

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The Central Bank Of Nigeria in its pursuit to implement the cashless policy issues new fees for bank deposit and withdrawals.

On September 17, 2019, the CBN issued the following memo to all Deposit Money Banks (DMBs):

“Further to our circular ref BPS/DIR/GEN/CIR/04/004 we write to inform all Deposit Money Banks that the CBN has approved that: 

“Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective September 18, 2019.”

According to the policy, a 3 percent processing fee will be charged for withdrawals of amounts above N500,000 for individual accounts, while 2 percent will be charged for deposits. 

Moreso, Corporate Account holders will be charged 5 percent for withdrawals above N3,000,000 while 3 percent fee will be charged for deposits above N3,000,000.

“Nationwide implementation of the cashless policy will take effect from March 31, 2020. Please ensure strict compliance,” the CBN announced.

The aim being to discourage individuals from carrying cash around in other to encourage and foster the cashless policy initiative.

The CBN previously announced the termination of unfit naira notes in circulation. This is a measure intended to ensure the healthy circulation if naira notes.

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