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CBN increases charges on withdrawals, deposits

The Central Bank of Nigeria, in a circular to all deposit money banks, yesterday announced the commencement of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from today, will attract three percent processing fees for withdrawals and two percent processing fees for lodgements of amounts above N500,000 for individual accounts.

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Corporate accounts will attract five percent processing fees for withdrawals and three percent processing fee for lodgements of amounts above N3,000,000.

In a statement by the Director, Payments System Management Department at the bank, Sam Okojere, the CBN said the charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra and Rivers States as well as the Federal Capital Territory.

It also stated that the implementation of the cashless policy would take effect from March 31, 2020 nationwide.

The statement added: “with effect from September 17, 2019, the CBN has approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.”

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