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CBN Orders Payment On Bank Deposit And Withdrawal, Nigerians React Call It Next Level Of Hardship

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Godwin Emefiele | CBN Governor

Ranging from today (Wednesday, September 18, 2019,) all Nigerians having bank accounts in Nigeria will be charged for deposit and withdrawals.

This was announced on Tuesday by the Central Bank of Nigeria, adding that the implementation of the cashless policy will commence nationwide by March 2020.

The policy implementation would direct the enforcing of the charges on deposit as well as the existing withdrawal charges. 

Three per cent of the processing fees for every withdrawal would be charged while for every deposit to an individual account above N500,000 will be charged. 

SEE ALSO: N500bn Scandal: Investigate Sahara Reporters, CBN Gov. Godwin Emefiele

Contrary to the individual account, For corporate accounts, they would be charged five per cent processing fee for withdrawals and three per cent for deposit above N3m.

However, the order of charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

Speaking to a Nigerian in a bank to disclose this news, he said, “this is next level of hardship.”

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