On Tuesday, the Central Bank of Nigeria announced new charges on cash deposits and withdrawals on individual and corporate bank accounts.
) announced new charges on cash deposits and withdrawals on individual and corporate bank accounts.
The plan is not entirely new. It was first rolled out in 2012 but the charges were only applied to transactions in Lagos. For instance, if a bank user withdraws N1 million from his individual account, the new policy expects the user to pay N15,000 as a charge — being the 3 per cent on the extra N500,000. If the user lodges the same amount, the charge will be N10,000.
“You do not just issue a circular introducing charges for depositing money, with no notice, no explanation, no justification and no sensitization. The CBN should show Nigerians some respect,” Mr Abah, who is currently the Nigerian Country Director, DAI International, said. Another user, who goes by the Twitter handle, @Skinethril, said the policy would have far-reaching implications on the minimum wage earners.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank customers begin payment of charges for deposits, withdrawal of cash - Daily Post NigeriaThe Central Bank of Nigeria, CBN, has said customers making cash deposits or withdrawals will pay charges beginning from today in line with its new policy.
Read more »
CBN begins charges on deposits, withdrawals above N500,000
Read more »
CBN increases charges on withdrawals, deposits – Daily TrustThe Central Bank of Nigeria, in a circular to all deposit money banks, yesterday announced the commencement of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges, which take effect from today, will attract three percent processing fees for withdrawals and two percent processing fees for lodgements …
Read more »
‘This is corporate extortion’ - Shehu Sani reacts to CBN's new policy on cash withdrawals, deposits - Daily Post NigeriaSenator Shehu Sani, a former lawmaker representing Kaduna Central at the National Assembly, has reacted to Central Bank of Nigeria, CBN's latest policy to
Read more »
Bank charges: Its desperate move to generate revenue - Don Jazzy shades CBN - Daily Post NigeriaNigerian music producer and CEO of Mavin Records, Don Jazzy has reacted to CBN's latest policy to attach charges to cash deposits or withdrawals made by cu
Read more »
CBN Commences Charges On Cash DepositsCBN Commences Charges On Cash Deposits.
Read more »