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CBN reintroduces charges on cash deposits, withdrawals
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CBN reintroduces charges on cash deposits, withdrawals

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Image result for CBN re-introduces charges on cash deposits, withdrawalsThe Central Bank of Nigeria on Thursday announced the re-introduction of bank charges on certain categories of cash deposits and withdrawals.

This came about three years after the apex bank stopped the charges.

In a circular to all Deposit Money Banks, the regulator said the decision to reintroduce the charges was part of the review of the cashless policy.

The circular, signed by the Director, Banking and Payments System Department, CBN, Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.

It also directed that with effect from April 1, 2017, banks in the states where the cashless policy was already operating, would begin to impose charges on deposits and withdrawals above N500,000.

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