CBN imposes extra charges on cash deposits, withdrawals

From today, cash deposits and withdrawals from individual bank accounts are to attract addition charges.

A circular by the Director, Payments System Management Department, Central Bank of Nigeria, Sam Okojere, to all deposit money bank, noted that three percent processing fees would be paid for withdrawals and two percent for deposits of amounts above five hundred thousand for individual accounts.

Okojere said corporate accounts will attract five percent processing fees for withdrawals and three percent processing fee for lodgments of amounts above three million naira.

He said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging its cashless policy.

The statement, however, said the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.