CBN Increase Charges On Withdrawals And Deposits

Effective today, Wednesday, September 18, cash deposits and withdrawals from individual and corporate bank accounts are to attract additional charges, the Central Bank of Nigeria (CBN) revealed on Tuesday.

In a circular to all Deposit Money Bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million.

The circular, 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.

The CBN said the charges would be in addition to already existing charges on withdrawals and will be aimed at encouraging its cashless policy which would take effect from March 31, 2020.