CBN Begins Charges On Deposits, Withdrawals Above N500,000

Godwin-Emefiele

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

The apex bank said this in a circular to all Deposit Money Banks in the country.

It 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, which take effect from Wednesday (today) 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.

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