CBN suspends new cashless charges on deposit, withdrawal


April 21, 2017 | 3:14 pm
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… Orders refund of charges since April 1, 2017


The Central Bank of Nigeria (CBN) on Friday suspended the newly introduced charges on cashless deposits and withdrawals till further notice, while directing the banks to refund the charges already applied since April 1, 2017.

Consequently, processing fees for withdrawals for an individual remains 3 percent and corporate 5 percent while no processing fees for lodgements or deposits should be charged. Also, the limit on withdrawals and lodgement remains N500,000 for an individual and N3m for corporate respectively.

Dip Fatokun, director, banking and payments system department, stated in the circular that existing policy prior to the announcement of the new policy  as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers States and the FCT shall remain in force. The CBN also said the policy on the third party cheque shall remain in force.

The Apex Bank had in circular dated February 21, 2017, re-introduced cashless charges on deposits and withdrawals as it commences cashless policy in the remaining 36 states of the federation.

The new cashless charges, which have been suspended, indicated that individuals were to pay 3 percent for deposits above N5 million and 7.5 percent on withdrawals of same amount.




April 21, 2017 | 3:14 pm
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