CASH DEPOSITS AND WITHDRAWALS NOW ATTRACT CHARGES–CBN

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[Abuja]–The Central Bank of Nigeria on Thursday, 23rd of February has revealed that cash deposits and withdrawals above the allowable cash transaction limit now attract charges.

The CBN revealed this and the details of the new policy in a circular signed by the Director, Banking and Payment System Department, Dipo Fatokun.

According to CBN, individual withdrawals below N500,000 attract no charges. However, withdrawals or deposits above N500,000 to N1 million attract charges of two percent and 1.5 percent respectively.

While,  two  percent and three percent are charged for N1 million to N5 million deposits and withdrawals respectively. Above N5 million three percent is paid for deposits and 7.5 percent for withdrawals.

 

For corporate bodies, less than N3 million attracts no charges for withdrawals and deposits. N3 million to N10 million three percent and five percent charges are paid for deposits and withdrawals each, while N10 to N40 million attracts deposits and withdrawals charges of three percent and 7.5 percent apiece. Above N40 million attracts five percent and 10 percent for deposits and withdrawals respectively.

According to the CBN, income generated from the charges will be shared between the CBN and the Banks in a ratio of  40 to 60.

The charges takes effect from April 1, 2017 in Lagos, Ogun, Abia, Anambra, Rivers, Kano and the Federal Capital Territory.




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