Nigeria’s Apex Bank, the Central Bank of Nigeria (CBN) has said that the implementation of its nationwide cashless policy would start on March 31, 2020.
CBN in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday said that the implementation of the policy would herald the imposition of additional charges on deposited funds in addition to the already existing charges imposed on withdrawals.
The Bank said the costs would take effect from Wednesday, September 18, 2019 (Today) adding that withdrawals would attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.
The Apex bank also explained that corporate accounts would be charged five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3,000,000.
The Bank disclosed that the charges on deposits would first apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.
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