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CBN Compels Nigerians To Pay Fee For Cash Deposits From September 2019

Debby O

The announcement by the Central Bank of Nigeria (CBN) that Nigerians will start paying charges on deposits and withdrawals has been received with mixed feelings.

According to reports, this imposition of charges will signal the nationwide implementation of the cashless policy set to begin by March 31, 2020.

According to CBN these compulsory charges will take effect today, Wednesday, September 18, 2019 and in select states of the federation, including Lagos, Ogun, Kano, Abia, Anambra, Rivers State and the Federal Capital Territory (FTC).

According to the circular sent to all Deposit Money Banks (DMBs), there will be a 3% processing fee for withdrawals and 2% processing fee for the deposits of amounts above N500,000 for accounts owned by individuals.