CBN Implements New Policy, Banks To Charge Nigerians

The Central Bank of Nigeria (CBN) led by Godwin Emefiele, has ordered the implementation of a new phase of its cashless policy which will see banks charge Nigerians for certain categories of deposits and withdrawals.

YaahooJournalist reports that the CBN stated this in a circular, dated September 17, 2019.

Sam Okojere, the CBN’s Director of Payments System Management Department, instructed deposit money banks to implement the policy starting from September 18 (today).

“Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective September 18, 2019,” the statement read.

YaahooJournalist reports that the new CBN policy states that a 3% processing fee will be charged for withdrawals of amounts above N500,000 for individual accounts, while 2% will be charged for deposits.

The CBN policy revealed that for corporate accounts, a processing fee of 5% will be charged for withdrawals, and 3% for deposits of amounts above N3 million.

“Please ensure strict compliance,” the CBN statement noted.

The CBN policy will currently be operational in six states of Lagos, Ogun, Kano, Abia, Anambra, Rivers, and the Federal Capital Territory, Abuja but nationwide implementation will take effect from March 31, 2020.

YaahooJournalist reports that the apex bank hopes the policy will reduce the amount of physical cash (coins and notes) circulating in the economy, and encourage more electronic-based transactions.