CBN to apply charges on withdrawals, deposits from Oct 2 : CashLess Policy

The Central Bank of Nigeria (CBN) has said it will start applying charges on withdrawals and deposits above N500,000 for individuals and N2 million for corporate bodies from October 2.

Mr Tunde Lemo, Deputy Governor, Operations, said this in Abuja on Friday while briefing newsmen at the end of the special forum on Financing the Power Sector Reforms for Economic Development.

He said that the action would ensure effective implementation of the cashless policy.

The News Agency of Nigeria (NAN) recalls that the CBN had given a three-month moratorium for the full implementation of charges to customers who withdraw or deposit money higher that what was stipulated in the cashless policy document.

“We will start applying the charges from the second of October which is Wednesday because the three months moratorium would have expired.

“We are glad to announce that having worked with stakeholders, we’ve been able to ramp up facilities in Abuja and five other locations and then we are set to build up the critical mass requirement in the cashless in those areas,” he said.

Lemo said that from October 2, any customer that deposited above N500, 000 per day would be charged two per cent payment on it while withdrawal would attract three per cent charge.

“For corporate bodies, the threshold is N2 million. If you deposit or withdraw any money above the threshold per day, if it is deposit, it will attract three per cent charges and if it is withdrawal, it attracts five per cent.