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CBN Imposes Additional Charges on Cash Deposits and Withdrawals

Withdrawals and deposits of cash in Nigeria will now attract
processing fees payable by individuals or corporate owners of bank accounts

Nigeria’s central bank said the measure was put in place to
encourage its cashless policy and will take effect on September 18 in Lagos,
Kano, Rivers, Ogun, Anambra, Abia and Nigeria’s capital city Abuja.

Cash withdrawal by an individual from N500, 000 and above
will attract 3% of the amount withdrawn while, a cash deposit of N500, 000 and
above will attract 2% of the amount to be deposited.

5% processing fee will be levied on cash withdrawals from N3
million and above from a corporate account while cash deposits attract 3%
processing fee.

 “This is important
because the federal government only retains 15% of the VAT – 85% is actually
for the states and local government,” Finance Minister Zainab Ahmed said on

“The states need additional revenue to be able to meet the
obligations of the minimum wage,” she added.

 The Central Bank of Nigeria on Tuesday said that the
nationwide implementation of the cashless policy would take effect from March 31st, 2020.


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