CBN New Policy: Know the amounts charged per deposit and withdrawal

The Central Bank of Nigeria (CBN) announced the implementation of a new policy. A policy that will impose payments on bank withdrawals and deposits.

3 key things you should note, however, are:

  • Charges on bank deposits and withdrawals are effective from today, September 18, 2019.
  • These charges apply to the following states in Nigeria for now – Lagos, Lagos, Ogun, Kano, Abia, Anambra, Rivers State and, the FCT (Federal Capital Territory).
  • The nationwide implementation of the cashless policy will take effect from March 31st, 2020.

You can find the official statement to this effect here.

How does this new CBN policy affect you?

  • Individual Account Users

The CBN has ordered a 3% processing fee for withdrawals, and a 2% processing fee for deposits above N500,000 on individual accounts.

This means you’ll be charged N15,000 for making a withdrawal above N500,000 from your account and, N10,000 for a deposit of the same amount and above into your bank account.

  • Corporate Account Users

For corporate accounts and account users, DMBs (Deposit Money Banks) will charge 5% processing fees for withdrawals and a 3% processing fee for deposits of amounts above N3,000,000.

This means corporate accounts will be charged N150,000 for making a withdrawal above N3,000,000 and, N90,000 for a deposit of the same amount and above into the corporate account.

The CBN has also given banks the approval to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

Read also: The new cabinet members sworn in by Sanwo Olu.

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