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Wednesday , September 19 2018
Home / News / CBN Reintroduces Charges On Cash Deposits, Withdrawals.

CBN Reintroduces Charges On Cash Deposits, Withdrawals.

The Central Bank of Nigeria, Thursday, announced that they have reintroduced bank charges on certain categories of cash deposits and withdrawals.

This came about three years after the apex bank stopped the charges.

In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy.

It said the decision was taken at the Bankers’ Committee meeting, which held in Abuja two weeks ago.

The circular, signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.

It also directed that with effect from April 1, 2017:

Banks in the states where the cashless policy was already operating, Lagos, Ogun, Anambra, Abia, Kano, Rivers and the Federal Capital Territory, would begin to impose charges on deposits and withdrawals above N500,000.

Banks will from that date begin to charge individuals 1.5% and 2% for deposits and withdrawals between N500,000 and N1m.

Individuals depositing or withdrawing between N1m and N5m will be charged 2% and 3%, respectively.

For amounts above N5m, banks will charge such individuals 3% and 7.5% for deposits and withdrawals, respectively.

This means any cash withdrawal or deposit by an individual under N500,000 would not attract any charge.

According to the CBN, the new policy on charges will be implemented in selected states on May 1 and August 1, this year; while the total implementation will be concluded on October 1.

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