CBN implements new charges on deposits and withdrawal

CBN implements new charges on deposits and withdrawal

The Central Bank of Nigeria (CBN), had on Wednesday said effective from 31st March 2020, there will be full implementation of the cashless policy.

The CBN stated this in the circular which was addressed to  all banks “Re: implementation of the cashless policy”, thereby transaction fees will now be paid on deposits and withdrawals.

According to the circular by the Apex Bank, Banks will begin to charge customers three per cent processing fees for withdrawals above 500,000 and two per cent for  lodgements fir individual account, this took an immediate effect from on Wednesday.

For cooperate accounts transactions above 3 million naira, will have a processing fee of five per cent for withdrawals and three per cent for lodgements.

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