- From March 31, Nigerians will pay additional charges for paying and withdrawing cash above N500,000
- The new charges include a 2% processing fee for cash deposit and 3% processing fees for a withdrawal above N500,000. For corporate accounts, it is 5% and 3% for withdrawal and deposit above N3 million.
- CBN believes the new policy will encourage the use of non-cash channels for transaction.
Nigerian banks to charge a certain percentage from account holders in the country for every deposit and withdrawal above N500,000 for an individual and N3 million for corporate.