NIGERIA: CBN Suspends Charges On Large Withdrawals, Deposits

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount.

The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced in February, and meant to take effect from April 1, 2017, have been dropped.
“For further clarification, the existing policy prior to the announcement of the new policy as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT shall remain.
“For the avoidance of doubt, the old charges to be reverted to are as follows: an Individual charge on withdrawals or lodgement limit is now three per cent.
“Corporate accounts will be charged five per cent for withdrawal or lodgement of over N3 million cash.
“Henceforth, nothing will be charged as processing fees for lodgements,” he said.
Fatokun directed banks to make all necessary refunds to customers with immediate effect.

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