Nigerians to start paying for bank deposits from September 2019, CBN announces

The Central Bank of Nigeria has announced that the nationwide implementation of the cashless policy will begin by March 31, 2020

The implementation of the policy would trigger the imposition of charges on deposits and withdrawals

The charges will take effect from Wednesday, September 18, 2019, and apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the FCT

The apex bank made this known in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday, September 17.

It said that the implementation of the policy would trigger the imposition of charges on deposits in addition to already existing charges on withdrawals.

The charges will take effect from Wednesday, September 18, 2019, and will attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for personal accounts.

A screenshot of the CBN circular. Source: cbn.gov.ng

For corporate accounts, the apex bank in the circular said that DMBs would charge 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3,000,000.

The document, further, revealed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

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