The apex bank in Nigeria, the Central Bank of Nigeria has announced that Nigerians will start paying for bank deposits and withdrawals starting from September, 2019.
In its quest to implement the cashless policy in Nigeria, the charges on deposits and withdrawals starting from Wednesday, September 18, 2019, which will commence in Lagos, Ogun, Kano, Abia, Anambra, and Rivers State and the FCT.
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The charges will attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for individual accounts.
For company accounts (corporate accounts), the apex bank in the circular said that DMBs would charge 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3,000,000.
This circular is coming barely after a week when the Federal Government announced increase in Value Added Tax from 5% to 7.2%.