Nigerians to start paying for bank deposits from September 2019, CBN announces

on

– 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.
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.

BOOK STORE

For corporate accounts, the apex bank in the circular said that DMBs would charge five percent processing fees for withdrawals and three processing fee for lodgments of amounts above N3,000,000.
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

It should be noted that the new development is still subject to an amendment of the 1994 VAT act by the National Assembly.

Source: Legit.ng

Author: Nurudeen Lawal

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s