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Home » Trending » Business » From March 31, Nigerian banks will charge you 2% for every deposit above N500,000

From March 31, Nigerian banks will charge you 2% for every deposit above N500,000

Adams Kokori,

Financial correspondent.

From March 31, Nigerians will pay additional charges for paying and withdrawing cash above N500,000
The new charges include a 2% processing fee for cash deposit and 3% processing fees for a withdrawal above N500,000. For corporate accounts, it is 5% and 3% for withdrawal and deposit above N3 million.
CBN believes the new policy will encourage the use of non-cash channels for transaction.

Godwin Emefiele, CBN governor, speaking at the end of the 270th meeting of the Monetary Policy Committee (MPC) at the apex bank’s headquarters in Abuja.

Nigerian banks to charge a certain percentage from account holders in the country for every deposit and withdrawal above N500,000 for an individual and N3 million for corporate.

This is effective Tuesday, March 31st, 2020.

The new charges include a 2% processing fee for cash deposit and 3% processing fees for a withdrawal above N500,000.
For corporate accounts, it is 5% and 3% for withdrawal and deposit above N3 million.

CBN new charges on cashless policy
CBN new charges on cashless policy
This is according to a Cashless Policy circular issued by the Central Bank of Nigeria (CBN) last year.

The apex bank had said the new charges on depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state, and the FCT.

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