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Central Bank of Nigeria introduces policy with new charges on cash deposits and withdrawals

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Written by Anita Fatunji | Ecofin Agency

Published: February 25, 2017 2:02 PM

(Ecofin Agency) - Nigerians will be charged higher fees for deposits and withdrawals exceeding N500, 000 and N3 million, for individuals and corporate customers respectively. This falls in line with a new policy adopted by the Central Bank of Nigeria.

Under the new policy which has been approved by the Bankers’ Committee of the CBN in Abuja on Thursday, individual customers who deposit or withdraw below N500, 000 will pay no charges. However, for deposits between N500, 000 and N1million, a 1.5% charge will be incurred against 2% for withdrawal of the same sum.

Equally, all corporate customers are not required to pay any charges for deposits or withdrawals below N3million but deposits between N3million and N10million would attract a charge of 2% compared to the 5% charge on withdrawals. Deposits between N10 million and N40million would attract 3% charge, while withdrawals will be charged 7.5%.

The policy highlights that above N40 million, deposits and withdrawals by corporate organizations will attract 5% and 10% charges respectively. According to the Director, Banking & Payments System Department of CBN, Dipo Fatokun, who disclosed these details, the policy will take effect from April 1, 2017, in Lagos and Abuja states where the cashless policy was already effective. He added that from May 1 to October 1, 2017, the measure will extend to the remaining states of the federation.

CBN said income gotten from the processing fees charged would be shared between the CBN and the banks on a 40%-60% basis.