Friday, 24 February 2017

CBN reintroduces cashless charges on bank deposits and withdrawals

The Central Bank of Nigeria, CBN,
Thursday, reintroduced charges on
cash deposits in banks after its'
493rd meeting with the Banker's
committee, This would take effect at
different dates in different parts of
the country. Director, Banking and
Payments Systems Department, Mr.
Dipo Fatokun, announced this in a
circular entitled: “Circular on
nationwide implementation of the
cashless policy.”

The circular stated: “Charges for
cash deposit by individuals are as
follows: Less than N500,000, zero
charge; from N500,000 to N1
million, 1.5 per cent; from N1
million to N5 million, two per cent
charge; above N5 million, 3 per
cent charge.
Charges for cash withdrawal by
individuals are as follows: Less
than N500,000, zero charge; From
N500,000 to N1 million, two per
cent; from N1 million to N5
million, 3 per cent charge; above
N5 million, 7.5 per cent charge.
Charges for corporate cash
deposit are as follow: Less than
N3 million, zero charge; from N3
million to N10 million, two per
cent; from N10 million to N40
million, three per cent; above N40
million, five per cent. “Charges for
corporate cash withdrawal are as
follows: Less than N3 million, zero
charge; from N3 million to N10
million, five per cent; from N10
million to N40 million, 7.5 per
cent; above N40 million, 10 per
cent.

The new charges is scheduled to
take effect from April 1 2017, in the
existing cashless states (Lagos,
Ogun, Kano, Abia, Anambra, Rivers
and the FCT). The policy shall be
implemented with the charges
taking effect on May 1, 2017 in the
following states: Bauchi, Bayelsa,
Delta, Enugu, Gombe, Imo, Kaduna,
Ondo, Osun and Plateau.
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