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Cashless Policy: CBN approves Charges on Deposits, Withdrawals above N500,000



In a circular issued to all deposit money banks, the Central Bank of Nigeria (CBN) has approved the charges for withdrawals and deposits above N500,000 for individuals and N3m for corporate organisations in line with the implementation of the cashless policy.

In the statement, signed by its Director, Payments System Management Department, Sam Okojere, the CBN said nationwide implementation of the cashless policy will begin by March 2020.

According to the circular, the charges will take effect from Wednesday the 18th of September,in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

This development says individual account holders will be charged three per cent processing fee for withdrawals and two per cent processing fee for lodgements of amounts above N500,000.

For corporate accounts, banks will charge five per cent processing fee for withdrawals and three per cent processing fee for lodgement of amounts above N3,000,000.



    September 18, 2019 at 11:07 pm

    This is double taxation by the Nigerian government. This is illegal and unconstitutional. As Nigerian we will fight this money grab situation being implemented by this administration.. The Central bank of Nigeria does not have this kind of power.. I am a Dual Citizen of the Federal republic of Nigeria , and An American Citizen. I will not allow any government to steal my money like that.. Nigerians should rise up against this government bad policy. Now you know. A word is enough for the wise. I.mjust saying.


    September 19, 2019 at 1:10 pm

    This is what happens when out elected parliamentarians outsourced their Constitutional responsibilities. by allowing the central bank officials to play their role.. This type of Robin Hood taxation system must be frowned upon by aaa Nigerians rich or poor. This arm twisting, quadriplegic taxation Monkey dry work, Baboon they chop taxation mush be killed by all. It seems this administration has completely out of ideas to generate income for the nation. Nigerians will gladly welcome the resignation of the entire cabinets of President Buhari. Starting from him. This is discrimination against the rich. which is illegal and unconstitutional.. This commerce killing and will discourage Ngerians from using the banks. Because if you keep your money in the bank , when it’s time to withdraw money for one thing or the other the bank will tax you illegally..Now you know. A word is enough for the wise. I’m just saying.


    September 19, 2019 at 11:38 pm

    QShould President Mohamodu Buhari allow this highway robbery to go on. This officially eliminates the need for EFCC. This is a government whichh campaigned against stealing and financial crimes now guilty of the same crime.. It’s open season for stealing. If your government can officially steal from you. There’s nothing wrong if you steal from your government That statement can be successfully be defended in any court period. President Buhari look before you leap. Now you know. A word is enough for the wise. I’m just saying.

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