Nigerians To Pay Charges When They Deposit Money In Banks

File photo of customers at a bank
Customers queue up in a bank

The Central Bank of Nigeria(CBN) has announced that starting from September 18th, 2019, the general public would be subjected to charges of a 3 percent fee for cash withdrawal above N500 000 and 2 percent charges for cash lodgement of the same amount as a part of the cashless policy.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

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The Apex bank added that the cashless policy would kick into top gear in March 2020.

Part of the statement as released on CBN’s official website below:

“The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.

“The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.).”

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