CBN imposes charges on cash deposits, withdrawals

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Central Bank on Tuesday disclosed that withdrawals and deposits of physical cash in Nigeria will now attract processing fees payable by individuals or corporate owners of bank accounts involved, effective in all states on March 31, 2020.

According to Guardian, CBN’s Director of Payments System Management Department Sam Okojere, who made this known in a memo to deposit banks on Tuesday, noted that the measure was put in place to encourage its cashless policy.

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Adding that it will take effect on September 18 in Lagos, Kano, Rivers, Ogun, Anambra, Abia and Abuja.

It was noted that cash withdrawal by an individual from N500, 000 and above will attract 3% of the amount withdrawn while cash deposit of N500, 000 and above will attract 2% of the amount to be deposited.

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Also, 5% processing fee will be levied on cash withdrawals from N3 million and above from a corporate account while cash deposits attract 3% processing fee, adding that charges are an addition to the already existing ones.

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