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The new charges include a 2% processing fee for cash deposit and 3% processing fees for a withdrawal above N500,000. For corporate accounts, it is 5% and 3% for withdrawal and deposit above N3 million.

Nigerian banks to charge a certain percentage from account holders in the country for every deposit and withdrawal above N500,000 for an individual and N3 million for corporate.

This is effective Tuesday, March 31st, 2020.

The new charges include a 2% processing fee for cash deposit and 3% processing fees for a withdrawal above N500,000. For corporate accounts, it is 5% and 3% for withdrawal and deposit above N3 million.

CBN new charges on cashless policy

CBN new charges on cashless policy

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This is according to a Cashless Policy circular issued by the Central Bank of Nigeria (CBN) last year. 

The apex bank had said the new charges on depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state, and the FCT.

ALSO READBank charges: Here are all the changes introduced by CBN

The policy met strict criticisms from the public in 2019

The details of the additional charges below:

Individual account

Above N500,000

  • Withdrawal/Lodgement limits – 3%
  • Deposits – 2%

Corporate account

Above N500,000

  • Withdrawal/Lodgement limits – 5%
  • Deposits – 3%.

President Muhammadu Buhari with CBN Governor, Godwin Emefiele [TheCable]

What does this mean

By this policy, Nigerian banks will begin to charge customer N10,000 for every deposit above N500,000 and N15,000 for a withdrawal above the same amount.

Godwin Emefiele, CBN governor, had explainedthat only 5 to 10% of bank customers would be affected. He also said the new policy will also encourage the use of non-cash channels for transaction.

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