Deposit/withdrawal charge is only on the amount in excess of N500K – CBN




CBN Governor, Godwin Emefiele

The Central Bank of Nigeria has explained how the newly introduced cashless policy of deposit and withdrawal charges work.

On its official twitter handle, @cenbank, the apex noted that the deposit and withdrawal charge is only on the amount in excess of the limit and not the N500,000.

The tweet reads: The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.

Recall that the Central Bank of Nigeria on Tuesday, September 17 announced the introduction of new charges on deposits and withdrawals above N500,000 to promote a cashless economy.

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.

Just yesterday, the House of Representatives asked the apex bank to suspend the implementation of its recently re-introduced cashless policy until consultations with all relevant stakeholders are made.





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