Cashless Policy: Nigerians to Pay CBN Commissions for Excess Deposit and Withdrawal

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Central Bank of Nigeria Governor, Godwin Emefiele, has approved the imposition of new charges on every deposit and withdrawal on bank accounts in Nigeria, starting from tomorrow, September 22, 2019.

The enforcement of the cashless policy starts immediately selected states.

Sam Okojere, Director, Payments System Management Department, says the nationwide implementation of the cashless policy will take effect from March 31, 2020.

In a circular issued to all banks on Tuesday, September 17th, titled: “Re: Implementation of the Cashless Policy,” CBN said the new charges on depositors will apply to commercial bank customers in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT immediately.

The statement further stated that the new charges would be in addition to existing charges on withdrawal, effective September 18, 2019.

With this policy, every deposit above N500,000 on individual’s account will attract a 2% fee.

Withdrawals attract higher fees of 3% and 5% for individual and corporate accounts respectively.

Sam C. Okojere, Director, Payments System Management Department said the nationwide implementation of the cashless policy will take effect from March 31, 2020.

CBN Cashless policy

In 2012, the apex bank introduced the policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.

According to the CBN, the new policy on cash-based transactions in banks, aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions payments for goods, services and transfers.

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