Banking & Finance

CBN begins charges on deposits, withdrawals above N500,000

 

The Central Bank of Nigeria on Wednesday said that the nationwide
implementation of the cashless policy will begin by March 2020 .
The apex bank said this in a circular to all Deposit Money Banks in
the country .
It said that implementation of the policy would signal the imposition
of charges on deposits in addition to already existing charges on
withdrawals.
According to the circular , the charges , which take effect from
Wednesday ( today ) will attract three per cent processing fees for
withdrawals and two per cent processing fees for lodgments of amounts
above N 500 , 000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs
would charge five per cent processing fees for withdrawals and three
per cent processing fee for lodgments of amounts above N3 , 000 , 000
.
The statement , however , disclosed that the charge on deposits would
apply in Lagos , Ogun , Kano , Abia , Anambra , and Rivers States as
well as the Federal Capital Territory.
It added that the implementation of the cashless policy would take
effect from March 31 , 2020 .
To further promote the cashless policy and enhance the collection of
applicable government revenues, the CBN also announced a review of the
process for merchant settlement .
A statement signed by the Director , Payments System Management
Department, CBN, Sam Okojere , said a downward review of the Merchant
Service Charge had been approved .
It said henceforth , the charges had been reduced from 0 .75 per cent
capped at N 1 , 200 to 0 .50 per cent capped at N 1 , 000 .

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