The newly introduced charge on bank deposit by the Central Bank of Nigeria (CBN) is expected to kick off today.
According to the new policy, bank customers making cash deposits or withdrawals will pay charges in line with the Central Bank of Nigeria’s new policy.
It was gathered that the objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.
CBN Payments System Management Department Director Sam Okojere on Tuesday announced the take-off of the charges
It was also learnt that the transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500,000 for individual accounts.
Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.
However, the charges will only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT).
Okojere said the implementation of the cash-less policy nationwide would take effect from March 31, 2020.