Central Bank of Nigeria has ordered that bank customers will start paying charges for deposit and withdrawal of cash.
Sam C. Okojere, Director, Payments System Management Department of CBN made the announcement on Tuesday.
“We write to inform all deposit money bank that the central bank of Nigeria has approved that 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 individual account will attract withdrawal/lodgment limits of above 500,000, and its processing fees for withdrawal will be 3% while processing fees for lodgments is 2%.
“For corporate account, its withdrawal/lodgment limits will attract N3000, 000 above and processing fees for withdrawals will be 5% while processing fees for lodgments will be 3%.
“Nationwide implementation of the cashless policy will take effect from March 31, 2020”.
More so, CBN also reviewed the process for merchants’ collections on electronic transaction.
The statement reads “the Central Bank of Nigeria hereby reviews the process for merchant settlement to further deepen financial inclusion and enhance the efficiency of the Nigerian payments system.
“CBN has approved new policies that banks shall unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations. Merchant service charge has been reviewed downward from 0.75% capped at 1200 to 0.50% capped at 1000”.