CBN Enforces Cashless Policy, Directs Banks to Charge 3% on all Individual Withdrawals Above N500,000

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In-line with the country’s cashless policy, the Central Bank of Nigeria(CBN) has directed Banks to charge certain amounts on withdrawals and deposits of certain amounts for individuals and corporate entities.

Effective from September 17, 2019, customers will pay a huge fine for cash deposit or withdrawal above N500k individual or N3m corporate in Abia, Abuja, Anambra, Kano, Lagos, Ogun or Rivers State.

This is contained in a memo issued by the CBN to the banks on Tuesday, September 17 and obtained by Today’s ECho.

The policy will take effect in the rest of the country will take effect from 31 March 2020.

Below is the main content of the memo:

3% on withdrawals and 2% on Deposiits of over N500,000 for individuals
5% on withdrawals and 3% of Deposits of over N3,000,000 for corporate entities

See the memo below:

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