Banks Will Start Charging N4m On Every N40m Cash Withdrawal From April

The Central Bank of Nigeria (CBN) has announced that charges on deposits will be re-introduced.
In a circular released on its website, the apex bank said the decision was made at the 493rd bankers committee meeting that held on February 8.
The apex bank also said it would extend its cashless policy to the remaining 30 states.

“Please be informed that the bankers committee at its 493rd meeting held on February 8 reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the 30 remaining states of the federation,” the circular read.
For individuals, deposits ranging from N500,000 to N1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge.
Deposits of amounts above N1m to N5m will attract 2% and withdrawals will attract 3% charge. Deposits and withdrawals above N5m will attract 3% and 7.5% charge respectively. In the corporate category, deposits and withdrawals below N3m will not attract charges.
Deposits and withdrawals between N3m and N10m will attract 2% and 5% respectively, while deposits and withdrawals between N10m and N40m will attract 3% and 7.5% respectively. Deposits and withdrawals above N40m will attract 5% and 10% respectively.
“The new charges would take effect from April 1 in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau,” the circular read.