CBN introduces new charges on deposits, withdrawals

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria on Tuesday announced the introduction of new charges on deposits and withdrawals above N500,000 to promote a cashless economy.

This was contained in a circular issued to all Deposit Money Banks in the country.

The Deposit Money Banks were directed to charge 3% for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

For corporate account holders, they will be charged 5% for withdrawals and 3% for deposits of amounts above N3 million.

The new charges on deposits and withdrawal would commence from Wednesday, September 18, 2019 in Lagos, Ogun, Kano, Abia, Anambra, Rivers States and the Federal Capital Territory.

It added that other states of the federation would join from March 31, 2020.

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