CBN: Nigerians to pay more than N10,000 additional charges for paying and withdrawing cash above N500,000
Despite the economic recession in Nigeria, Nigeria's central bank has imposed new charges on every deposit and withdrawal on bank accounts The new charges commence with immediate effect in some states.
Joy Kalu 
Nigeria's Central Bank has confirmed additional charges on deposits and withdrawals in the country.
In a circular issued to all banks on Tuesday, September 17th, titled: "Re Implementation of the Cashless Policy," CBN said the new charges depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT immediately.
The statement further stated that the new charges would be in addition to existing charges on withdrawal, effective September 18, 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%.
This implies that with this policy, every deposit above N500,000 on individual’s account will attract a 2% fee. For instance, if you pay N510,000 into your savings account, the bank will charge you N10,020 for the transaction.
Withdrawals attract higher fees of 3% and 5% for individual and corporate accounts respectively.
Sam C. Okojere, Director, Payments System Management Department said the nationwide implementation of the cashless policy will take effect from March 31, 2020.
