An additional charge has been made for any Withdrawals and deposits transaction in Nigeria by individuals or corporate owners of bank accounts.
CBN of Nigeria’s stated these on a notion to strengthen cashless policy and will take effect on September 18 in some of the states; Lagos, Kano, Rivers, Ogun, Anambra, Abia and Nigeria’s capital city Abuja. Making it know that it will be effective in all the state in Nigeria from 2020
Cash withdrawal by an individual from N500, 000 and above will attract 3% of the amount withdrawn while cash deposit of N500, 000 and above will attract 2% of the amount to be deposited.
5% processing fee will be imposed on cash withdrawals from N3 million and above from a corporate account while cash deposits attract 3% processing fee.
CBN’s Director of Payments System Management Department Sam Okojere, said in a memo to deposit banks on Tuesday.
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