Dear Nigerians, you will start paying for bank deposits from September 2019 says CBN

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.

Related Post: Federal Government increases VAT from 5% to 7.2%


The charges will attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for individual accounts.

Screenshot of the CBN circular: CBN.gov.ng

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%.

Oluwaseun Hephzibah, Innovator @ Stackpreneur

I'm an entrepreneur, Tech Enthusiast, IT Consultant and guitarist. I'm a great motivator and I can push you to achieve your dream. ------------------------------------------------------ email: babatundeseun2014[at]gmail.com

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