Nigerians
who deposit or withdraw N500,000 and above will now pay between 1.5 per cent
and 7.5 per cent charges, according to a new banking policy.
The new
policy was approved by the Bankers’ Committee of the Central Bank of Nigeria on
Thursday.
The
Director, Banking & Payments System Department of the Central Bank, Dipo
Fatokun, explained the new charges on individual and corporate deposits and
withdrawals.
According
to Mr. Fatokun, while deposits and withdrawals by individual customers of
amount less than N500,000 would attract no charges, corporate customers would
not be expected to pay any charge for deposits or withdrawals below N3 million.
However,
individual deposits between N500,000 and N1 million would attract 1.5 per cent
charge, against 2 per cent for withdrawal.
Individual
deposits of amount between N1 million and N5 million would attract a charge of
2 per cent, against 3 per cent for the deposit of a similar amount, while
depositors above N5 million would pay 3 per cent as against 7.5 per cent for
the withdrawal of equivalent amount.
Equally,
all corporate deposits between N3 million and N10 million would attract a 2 per
cent charge, against 5 per cent charge for withdrawal, while deposits of
amounts between N10 million and N40 million would attract 3 per cent surcharge
and 7.5 per cent for withdrawal.
The new
charges also affect deposits and withdrawals above N40 million, which would
henceforth attract 5 per cent and 10 per cent charge respectively for corporate
organizations.
While the
new charges would take effect from April 1, 2017 in the existing cashless
states including Lagos and Abuja, the policy is expected to be implemented
effective May 1, 2017 in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna,
Ondo, Osun and Plateau states.
The
charges are to take effect on August 1, 2017 in Edo, Katsina, Jigawa, Niger,
Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa states.
From
October 1, 2017, the policy would become effective in Borno, Benue, Ekiti,
Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara states.
The CBN
said income generated from the processing fees charged above the allowable cash
transaction limits would be shared between the CBN and the banks in the ratio
40:60.
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