In a round issued to all deposit cash banks, the Central Financial institution of Nigeria (CBN) has authorised the costs for withdrawals and deposits above N500,000 for people and N3m for company organisations in keeping with the implementation of the cashless coverage.
Within the assertion, signed by its Director, Funds System Administration Division, Sam Okojere, the CBN stated nationwide implementation of the cashless coverage will start by March 2020.
In keeping with the round, the costs will take impact from Wednesday the 18th of September,in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States in addition to the Federal Capital Territory.
This improvement says particular person account holders will likely be charged three per cent processing charge for withdrawals and two per cent processing charge for lodgements of quantities above N500,000.
For company accounts, banks will cost 5 per cent processing charge for withdrawals and three per cent processing charge for lodgement of quantities above N3,000,000.