Please wait while we get your page

CBN Approves Charges on Deposits and Withdrawals above N500,000

CBN Approves Charges on Deposits and Withdrawals above N500,000
Posted

By - Usman Sanusi

Posted - 19-09-2019

The Central Bank of Nigeria (CBN) has approved the charges for withdrawals and deposits above N500,000 for individuals and N3m for corporate organisations in line with the implementation of the cashless policy.

ALSO READ : Minister for Foreign Affairs Condemn Xenophobic Attacks in South Africa

In the statement released and signed by its Director, Payments System Management Department, Sam Okojere, the CBN said nationwide implementation of the cashless policy will begin by March 2020.

According to the circular, the charges will take effect from Wednesday the 18th of September,in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

This development says individual account holders will be charged three per cent processing fee for withdrawals and two per cent processing fee for lodgements of amounts above N500,000.

ALSO READ : Trump, Lil Nas X Make TIME Magazine’s List of Most Influential People On The Internet

For corporate accounts, banks will charge five per cent processing fee for withdrawals and three per cent processing fee for lodgement of amounts above N3,000,000.

ALSO READ : Hollywood Star Danielle Brooks Cover Shape Magazine’s Digital Magazine

TIA AFRICA

Like us on Facebook @tiaafrica

Follow us on IG @tia__africa

Follow us on Twitter @tia__africa

1
Leave a Reply

avatar
1 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
1 Comment authors
Joy Recent comment authors
newest oldest most voted
Joy
Guest
Joy

It’s simple walk into the bank and pay in 499,000 come back 1hr later to pay 100 naira again 🤣