CBN says New Deposit/Withdrawal Processing Fees Only on Amount in Excess of Limit

The Central Bank of Nigeria (CBN) has given further clarification on the newly-implemented cash deposit /withdrawal policy in deposit money banks.

The CBN has clarified that charges on deposit and withdrawal will be carried out only on the excess of the limit it has set.

According to the policy, 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.

Reacting to the criticism, CBN said the charges will only apply on the excess of N500,000 and N3,000,000.

The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.