CBN To Start Charging For Deposits And Withdrawals

In spite of the ongoing recession that is spreading across the country, the Central Bank of Nigeria has decided to reintroduce bank charges for deposits and withdrawals from April 1st 2017.

Banks will from that date begin to charge individuals 1.5 per cent and two per cent for deposits and withdrawals between N500,000 and N1m.

Individuals depositing or withdrawing N5m will be charged three per cent.

For amounts above N5m, banks will charge such individuals three per cent and 7.5 per cent for deposits and withdrawals, respectively.

For ccorporate customers, the CBN stated that deposits and withdrawals under N3m would not attract any charge, but that such customers depositing or withdrawing between N3m and N10m would be charged two per cent and five per cent, respectively.