Nigerian Banks Get CBN Mandate To Tax Customers on Deposits and Withdrawals

Ololade Adeyanju/

Starting from yesterday, banks in Nigeria have commenced charging customers on Deposits and Withdrawals from N500, 000, after receiving the nod of the Central Bank of Nigeria (CBN).

Making the announcement on Tuesday, the Central Bank of Nigeria also said that the nationwide implementation of the cashless policy would 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 N3million.

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