CBN imposes additional charges on transactions on individual bank accounts.

CBN imposes additional charges on transactions on individual bank accounts.

Effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract addition charges, the Central Bank of Nigeria has announced.

Henceforth 3% processing fees would be paid for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

Corporate accounts will attract 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3 million.

The CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it’s cashless policy.

The charge on deposits shall apply in:
Lagos,
Ogun,
Kano,
Abia,
Anambra,
Rivers States
Federal Capital Territory.

The nationwide implementation of cashless policy will take effect from March 31, 2020.
Many Nigerians have opposed the charges and are contemplating, returning to the era of saving money at home and doing business with physical cash..

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