The Central Bank of Nigeria has announced that the nationwide implementation of the cashless policy will begin by March 2020. In a circular released on Tuesday September 17th, the apex bank said this in a circular to all Deposit Money Banks in the country.
Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.
According to the apex bank, the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. The charges which take effect from today Wednesday September 18th will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.
According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.
Read the Circular below: