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CBN Introduce charges on deposits, withdrawals above N500,000

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                                                       Picture File Copy- Godwin  I Emefiele

 Beginning from September 18, 2019,  bank account owners in Nigeria will start  paying charges for deposits and withdrawals.
Making the revelation on Tuesday, the Central Bank of Nigeria declared that the nationwide implementation of the cashless policy will begin by March 2020.
 Implementation of this new 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 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts over N500,000 for individual accounts.
For corporate accounts, the apex bank in the notice proclaim that DMBs would charge 5% processing fee for withdrawals and 3% for lodgments of amounts above N3m.
 However,  the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

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