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Cashless Policy: Nigeria’s House Of Reps Orders CBN To Halt Charges On Deposits

Unic Press UK: The lower chamber of the Nigerian bicameral legislative body, the House of Representatives, has urged the Central Bank of Nigeria to suspend further charges on deposits until there’s “appropriate and comprehensive consultation”.

The House position follows a CBN circular dated September 17, and signed by the Director, Payment System Management Department, in which, the Central Bank of Nigeria directed all the deposit money banks in the country to apply various fees on deposits/withdrawals in Lagos, Ogun, Kano, Abia, Anambra, and Rivers with effect from September 18; while a nationwide implementation would take effect from March 31, 2020.

For individual accounts, a withdrawal of a sum of money above ₦500,000 would attract a 3% processing fee, while a 2% fee shall apply to deposits above ₦500,000, the CBN said in its circular.

In the case of corporate accounts, a withdrawal of a sum of money above ₦3,000,000 would attract a 5% processing fee, while a 3% fee shall apply to deposits above ₦3,000,000.

The CBN claims that its decision to initiate/apply charges on deposits is aimed at facilitating the implementation of its “cashless policy”.

 

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