CBN reintroduces charges on cash deposits, withdrawals


The Central Bank of Nigeria on Thursday announced that they have reintroduced bank charges on certain categories of cash deposits and withdrawals.

This came about three years after the apex bank stopped the charges.

In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy.

It said the decision was taken at the Bankers’ Committee meeting, which held in Abuja two weeks ago.

The circular, signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.

It also directed that with effect from April 1, 2017 :
Banks in the states where the cashless policy was already operating, Lagos, Ogun, Anambra, Abia, Kano, Rivers and the Federal Capital Territory, would begin to impose charges on deposits and withdrawals above N500,000.

Banks will from that date begin to charge individuals 1.5% and 2% for deposits and withdrawals between N500,000 and N1m.

Individuals depositing or withdrawing between N1m and N5m will be charged 2% and 3%, respectively.

For amounts above N5m, banks will charge such individuals 3% and 7.5% for deposits and withdrawals, respectively.

This means any cash withdrawal or deposit by an individual under N500,000 would not attract any charge.

With regard to corporate customers, the CBN stated: that deposits and withdrawals under N3m would not attract any charge

Comments

Post a Comment

Popular posts from this blog

Nigerian Lawyer -Tunde Okewale awarded MBE in 2016 Queen's Honours List'

Image
“From GQ Cool List to Queen's Honours List”. The award was made in recognition of his "services to the community and disadvantaged young people". Tunde Okewale, Barrister at Doughty Street Chambers and founder of Urban Lawyers, is a popular figure on social media and made GQ’s 2014 “cool” list. Background and achievements Tunde is 32 years of age and a Barrister at Doughty Street Chambers. He was raised on a council estate in Hackney, East London. He is the eldest of four children and was the first person in my family to attend university and obtain a degree. During his studies, Tunde undertook numerous simultaneous part-time jobs in the food and retail industry, to enable him to contribute towards his household. Consequently, his academic studies suffered, and he obtained a 2.2 in his undergraduate degree. Career advisors and professionals told him that he would never make it. Despite this setback, Tunde ploughed on. He involved himself in community work a...
Read more

PDP Apologise to Jonathan, Nigerians for your lies,' Party tells APC

Image
It also accused the Muhammadu Buhari administration of not fighting corruption but "sharing dollars in Central Bank of Nigeria and doing illegal forex deals". The Peoples Democratic Party (PDP) has demands apologies from the All Progressive Congress (APC) to former President  Goodluck Jonathan  for the lies the party ruling party told against him. The party also asked the APC to apologise to Nigerians for the propaganda it dished out during the the 2015 election campaign. The PDP said this on Saturday, June 18, in a series of tweets via its handle @PdpNigeria. It also accused the  Muhammadu Buhari  administration of not fighting corruption but "sharing dollars in Central Bank of Nigeria and doing illegal forex deals". The opposition party said what the present government successfully did in one year was shut down the economy, ruined businesses, drove away investors and gave excuses. It also condemned Buhari's silence on the killing of 18 wome...
Read more