Outrage As Nigeria’s Central Bank Imposes New Charges On Bank Deposits, Withdrawals

Outrage As Nigeria’s Central Bank Imposes New Charges On Bank Deposits, Withdrawals

By Wires Editor | The Trent on September 20, 2019
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Godwin Emefiele, CBN, Skye Bank, Shehu Mikail, Boniface Okezie
Godwin Emefiele, the governor of the Central Bank of Nigeria | The Trent

The Central Bank of Nigeria has directed the strict implementation of Merchant Service Charge, which would impose more charges on all point of sale, PoS, transactions.

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

Making the announcement on Tuesday, September 17, 2019, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3 million.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

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