When you make a deposit N500,000 in your account, CBN will take 2% which is N10,000 and Your balance will be N490,000
If you withdraw the whole N500,000 the owners of Aso Rock and CBN will take 3% N15,000.
Add the deposit percentage (2%) + withdrawal percentage (3%) = N10,000 + N15,000 = N25,000.
This new charges is applicable in six states and FCT abuja.
In 2012, the apex bank introduced the policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.