CBN: Come 2020 Nigerians Will Be Charged For Bank Deposits

Beginning from September the 18th, 2019, Nigerians owning bank accounts will start to pay charges for deposits and withdrawals. 

Declaring on Tuesday, the Central Bank of Nigeria said that the country usage of the cashless strategy will commence by March 2020. 

“The execution of the approach would flag the inconvenience of charges on deposits notwithstanding the existing charges on withdrawals.”  The bank stated.

As indicated by the memo, the charges will draw in three percent handling expenses tagged “processing fee” for withdrawals and two percent preparing charges for lodgments of sums above N500,000 for individual accounts. 

For corporate accounts, the peak bank in the memo said that DMBs would charge five percent processing fee for withdrawals and three percent for lodgments of sums above N3million.

It was also disclosed in the statement that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.