Nigerian to begin paying for deposit and withdrawing money in bank from 1st of September 2019

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The Central Bank of Nigeria has announced that the nationwide implementation of the cashless policy will begin by March 31, 2020.

The implementation of the policy would signal the imposition of charges on deposits and withdrawals - The charges will take effect from Wednesday, September 18, 2019, and apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the FCT.

The Central Bank of Nigeria (CBN) has announced that the nationwide implementation of the cashless policy will begin by March 31, 2020. The apex bank made this known in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday, September 17.

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It said that the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals. The charges will take effect from Wednesday, September 18, 2019, and will attract three percent processing fees for withdrawals and two percent processing fees for lodgments of amounts above N500,000 for individual accounts.

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