What Our Deposit, Withdrawal Charges Really Mean: CBN

CBN
Mother of all banks, Central Bank of Nigeria

The Central Bank Of Nigeria(CBN) on Wednesday came under severe attack after it announced its new cashless policy.

The apex bank, in a bid to make clarifications in a tweet via its official Twitter handle on Friday, said it’s new Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit.

According to CBN, if someone deposits cash of N501,000.00. N1,000.00 is in excess of the limit, therefore the bank will charge 2% of the N1000.00 which will be twenty naira ( N20.00).

Read Also: Lawmakers Order CBN To Suspend New Charges Under Its New Cashless Policy

It tweeted: The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit 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.

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Cashless Policy, cbn

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