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Extra charges on withdrawal, deposit above half a million – CBN

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THE Central Bank of Nigeria (CBN) is set to implement a new policy on cash-based transactions which demands a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3 million for Corporate bodies by April 1, 2020.

The apex bank had directed all Deposit Money Banks (DMB) in the country to charge 3 per cent on withdrawals of more than N500,000 and 2 per cent on lodgement of the same amount for individuals.

While banks were instructed to charge corporate accounts 5 per cent processing fees for withdrawals above N3 million and 3 per cent for the same lodgements.

According to the CBN, the new policy on cash-based transactions (withdrawals) in banks, aims at reducing the amount of physical cash circulating in the economy.

The CBN said this is to encourage more electronic-based transactions for goods, services and transfers.

The apex bank report showed that the essence of this policy implementation is to reduce the cost of banking services and drive financial inclusion by providing more efficient transaction options and greater reach.

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