CENTRAL BANK TO CHARGE PROCESSING FEES
Written by thereachfm on September 18, 2019
The Central Bank of Nigeria say withdrawals and deposits of physical cash in Nigeria will now attract processing fees payable by individuals or corporate owners of bank accounts involved.
The CBN Director of Payments System Management Department Sam Okojere, in a memo to deposit banks said the measure is put in place to encourage its cashless policy and will take effect on September 18 in Lagos, Kano, Rivers, Ogun, Anambra, Abia and Nigeria’s capital city Abuja.
Okojere said it will become effective in all states of Nigeria on March 31, 2020 as cash withdrawal by an individual from N500, 000 and above will attract 3% of the amount withdrawn while cash deposit of N500, 000 and above will attract 2% of the amount to be deposited.