Central Bank of Nigeria imposes additional charges for cash deposits and withdrawals on bank accounts

In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 per cent processing fees would be paid for withdrawals and 2 per cent for deposits of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5 per cent processing fees for withdrawals and 3 per cent processing fee for lodgments of amounts above N3 million.

The CBN said the charges would be in addition to already existing charges on withdrawals and will be aimed at encouraging its cashless policy.

Culled from Premium Times Newshttps://www.premiumtimesng.com/news/headlines/352875-cbn-imposes-additional-charges-on-transactions-on-individual-bank-accounts.html

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