The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals .

This came about three years after the apex bank stopped the charges .

In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy.

It said the decision was taken at the Bankers ’ Committee meeting , which held in Abuja two weeks ago .

The circular, signed by the Director , Banking and Payments System Department , CBN, Mr . Dipo Fatokun , stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.

It also directed that with effect from April 1 , 2017 , banks in the states where the cashless policy was already operating , Lagos , Ogun, Anambra , Abia , Kano , Rivers and the Federal Capital Territory , would begin to impose charges on deposits and withdrawals above N500 , 000.

Banks will from that date begin to charge individuals 1 . 5 per cent and two per cent for deposits and withdrawals between N 500 , 000 and N1 m .

According to the circular, individuals depositing or withdrawing between N1 m and N5 m will be charged two per cent and three per cent , respectively .

For amounts above N 5 m, banks will charge such individuals three per cent and 7 . 5 per cent for deposits and withdrawals , respectively .

With regard to corporate customers , the CBN stated that deposits and withdrawals under N 3 m would not attract any charge , but that such customers depositing or withdrawing between N3 m and N 10 m would be charged two per cent and five per cent, respectively .

Also for deposits and withdrawals between N10 m and N40 m , customers will be charged three per cent and 7 . 5 per cent , respectively.

Deposits or withdrawals above N 40 m by corporate customers will attract a charge of five per cent and 10 per cent, respectively .

According to the CBN , the new policy on charges will be implemented in selected states on May 1 and August 1 , this year ; while the total implementation will be concluded on October 1 .

The regulator noted that the committee agreed that income generated from the processing fees above the allowable cash limits would be shared between it and the banks in the ratio of 40 :60 .

However , the CBN said that existing exemptions to the policy such as revenue generating agencies of the federal , state and local governments ( for lodgements ) will be sustained .
Also exempt from the processing fees are embassies , diplomatic missions , multilateral and aid agencies .

The CBN directed lenders to train their employees to enlighten customers on the new policy .



http://punchng.com/cbn-reintroduces-charges-cash-deposits-withdrawals/


https://www.cbn.gov.ng/Out/2017/CCD/circular23022017.pdf

So
We
Should
Fry
Beans
Ko

Thunder everyone that voted for this useless Apc government. Wetin sef?

kilode100:
Thunder everyone that voted for this useless Apc government. Wetin sef?

Wetin concern APC government with cashless policy wey de around since 2011? Na suspend dem suspend am before, no be sey dem stop am.

Main while, so person no fit save and withdraw him money in peace again? So if I save and withdraw ANDREW YAKUBU, Den bank go come charge me 5%?? 224million naira just like

God punish any idiot wey get hand for dis policy

abi CBN TI YA WAYRAY NI

my own money?

if this is not suspended before april ..
i will just withdraw all my money

Ok

Isn't this day light robbery? What nonsense is this?

What can i say this is really bad

May your lives be filled with misery.

So a firm withdrawing up to 40m with be charged N4m abi?

You've not even come close to defeating the naira/dollar war, you're already making banking unbearable for individuals and business organizations.

Keep it up.

kilode100:
Thunder everyone that voted for this useless Apc government. Wetin sef?

Dont mind Zombies Fc