Monday, September 14, 2020
HOME NEWS CBN Reintroduces Charges On Cash Deposits And Withdrawals

CBN Reintroduces Charges On Cash Deposits And Withdrawals

CBN Reintroduces Charges On Cash Deposits And Withdrawals


The Central Bank Of Nigeria (CBN) on thursday reintroduced charges on deposit and withdawal transactions, This is coming just three years after the Central Bank supposedly stopped these charges.

Director, Banking and Payments Systems Department, Mr Dipo Fatokun, made the announcement via
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 would 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. 

“The policy shall be implemented with the charges taking effect on August 1, 2017 in the following states: Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa. “The policy shall be implemented with the charges taking effect on  October 1,  2017 in the following states: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara. 

“The income generated from the processing fees charged above the allowable cash transaction limits shall be shared between the CBN and the banks in the ratio of 40:60 Existing exemptions remain sustained for: Revenue generating accounts of the federal, state and local governments (lodgements only); embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria are also exempted from all processing fees relating to the cashless policy implementation.

 “In view of the above, branches of deposit money banks in the affected states are expected to commence: the enlightenment of their customers on the cashless policy, including the limits; on cash withdrawals and deposits for individuals and corporate bodies, as well as the available e-payment options; “Training of staff on the cashless policy, in order to provide answers to enquiries and handle issues/customers’ complaints, as well as provide advice on the policy; media communication, to complement existing CBN’s and Bankers’ Committee’s media campaign. “Engagement of key bank’s customers and other stakeholders. All banks are to ensure that their cashless teams in the affected states liaise properly with the cashless office in the CBN for necessary clarifications and further assistance, if required.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

9,548FansLike
10,980FollowersFollow
3,310FollowersFollow
- Advertisment -CBN Reintroduces Charges On Cash Deposits And Withdrawals

Trending News

8 Basic Urine Colours And Their Health Implications 

Health is wealth!  And you don't have to be a doctor to know basic health details especially when it comes your body.  Most of us don’t give much thought to our pee before we flush it down. But ....  

Kim Kardashian Loses 100,000 Followers Following The Release Of Her Unairbrushed Bikini Pics

KimKardashian may be slowly losing her reign as the queen of instagram as over 100,000 fans unfollowed her following the release of her unairbrushed...

My bo**bs are all real and natural — Ada Pinky

The socialite made it clear inirder to end the controversy and arguments surrounding the true nature of her boob's.

Sudanese Model Nyakim, enters Guinness Book of Records for having the darkest skin tone on earth [photos]

Sudanese Model Nyakim has entered the Guinness Book of Records for having the darkest skin tone on earth

5 benefits of having Sex that you didn’t know!

Lots of people focus on sex as a means of procreation and the negative implications it comes with. Sex is not only pleasurable,did u know it is also

Cardi B shows off her new butt and back butterfly tattoo

The mother of one shared pictures of her new tattoo on instagram with videos and pictures.

‘I’m done with plastic surgery’- Human Ken Doll Rodrigo Alves says after spending over £500k on 60 surgeries

Rodrigo Alves, popularly known as ' Human Ken Doll ', has revealed he's totally done with plastic surgery after having spent more than £500k...

Destiny Etiko mesmerized Nigerians with new curvy photos

Enugu born Nollywood actress and graduate of University of Nigeria Nsukka, is setting the internet ablaze with her curvy body. Nigerians are

Playboy model with huge boobs shares saucy snap and invites fans to isolate with her

A Playboy model who earns a whopping £800,000 a year from selling raunchy pictures has shared quite the treat on Instagram.

Quality photos from the first Saturday night party — BBNaija

If u missed the Saturday night party, worry no more as some good collections of last night event won't make you miss anything.