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

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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.

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