TechInAfrica – Starting from the 18th of September, Nigerians will have to pay an additional fee of NGN 10 K each time they deposit or withdraw more than NGN 500 K. The charges are being imposed by the Central Bank Of Nigeria for every deposit and withdrawal made on the citizens’ bank accounts in some states of the country. This new regulation will put into effect immediately.
The statement further detailed that the new charges would be in addition to the existing ones for the withdrawal. For individual accounts, withdrawals above NGN 500 K will charge an additional 3 percent, while deposits will give out another 2 percent of charge. In a corporate case, their accounts will be charged in 5 percent for any withdrawal above NGN 500 K, as for the deposits will be detracted an amount of 3 percent. These new charges on depositors apply to Lagos, Ogun, Kano, Abia, Anambra, Rivers state, and the FCT immediately according to CBN in a circular issued to all banks on Tuesday, 17th September named ‘Re: Implementation of the Cashless Policy’.
This new directive can be seen as CBN’s way of further enforcing the ‘cashless policy’, which has been in talks for a few times. The cashless policy is aimed at cutting down a significant amount of circulated currency while encouraging a novel electronic payment. Sam C. Okojere, Director, Payments System Management Department, said the nationwide implementation of the cashless policy will take effect from March 31, 2020. The CBN introduce a policy on cash-based transactions back in 2012. The policy stipulates a cash handling charge on daily cash withdrawals that exceed NGN 500 K for individuals and NGN 3 M for corporate. The latest development can be considered as an extension of the said policy.