ADVERTISEMENT
2023 General Election Count Down!
00
Days
00
Hours
00
Minutes
00
Seconds
Invalid date
Election Day!

Nigerians to pay additional charges for paying and withdrawing cash above N500,000

Central Bank Of Nigeria Governor, Godwin Emefiele
  • Nigeria's central bank imposes new charges on every deposit and withdrawal on bank accounts
  • The new charges kick off with immediate effect in some states.
  • Sam C. Okojere, Director, Payments System Management Department says the nationwide implementation of the cashless policy will take effect from March 31, 2020.
ADVERTISEMENT

Nigeria's Central Bank has approved additional charges on deposits and withdrawals in the country. 

In a circular issued to all banks on Tuesday, September 17th, titled: "Re: Implementation of the Cashless Policy," CBN said the new charges on depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT immediately.

The statement further stated that the new charges would be in addition to existing charges on withdrawal, effective September 18, 2019. 

The details of the additional charges below:

Individual account

Above N500,000

  • Withdrawal/Lodgement limits - 3%
  • Deposits - 2%

Corporate account

Above N500,000

  • Withdrawal/Lodgement limits - 5%
  • Deposits - 3%.

Business Insider SSA understands that this policy is in continuation of CBN's cashless policy. In 2012, the apex bank introduced the policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.

According to the CBN, the new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Top 10 African countries with the highest GDP projections for 2023

Top 10 African countries with the highest GDP projections for 2023

Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF

Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Tanzania joins the list of African countries to sign an oil deal in the new year

Tanzania joins the list of African countries to sign an oil deal in the new year

Osun: Adeleke breaks silence, reveals next move after sack

Osun: Adeleke breaks silence, reveals next move after sack

32 passengers kidnapped in Edo train station attack

32 passengers kidnapped in Edo train station attack

'Shanty Town': RMD speaks on scene with Nancy Isime, says friends want to 'touch things' like him

'Shanty Town': RMD speaks on scene with Nancy Isime, says friends want to 'touch things' like him

'Domitilla: The Reboot' teaser invites you into the dangerous, intriguing lives of sex workers

'Domitilla: The Reboot' teaser invites you into the dangerous, intriguing lives of sex workers

4 things to do if you have a higher sexual drive than your partner

4 things to do if you have a higher sexual drive than your partner

ADVERTISEMENT
ADVERTISEMENT