CBN Mandates Banks To Charge Nigerians For Cash Deposit

The Central Bank of Nigeria (CBN) has directed all banks to start collecting charges from Nigerians who make cash deposit of N500,000 and above by April 1, 2020.

Naija News learnt that the apex bank gave the directive to aid the sustenance of the country’s cashless policy.

This online media understands banks have begun informing their customers of the new development, urging them to take advantage of their electronic payment platforms for their transactions.

The apex bank  also directed all Deposit Money Banks in the country to charge three percent on withdrawals more than N500,000 and two percent on deposits of the same amount for individuals. While banks were instructed to charge corporate accounts five percent processing fees for withdrawing above ₦3,000,000 and three percent for the same lodgements.