Implementation Of Cashless Policy To Begin March 2020-CBN

According to the Central Bank of Nigeria, Nigerians will begin paying for bank deposits in 2020. This is in line with the cashless policy which the CBN is trying to uphold, across the country.

In light of this, starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals. The charges will attract three percent processing fees for withdrawals and two percent processing fees for lodgments of amounts above N500,000 for individual accounts.

The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

For corporate accounts, it would charge five percent processing fee for withdrawals and three percent for lodgments of amounts above N3m.

According to the statement released,  the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

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