No More Charges On Large Withdrawals – CBN

No More Charges On Large Withdrawals – CBN 

The Central Bank of Nigeria 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, Punch reports.

“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 lodgment limit is now three per cent.

“Corporate accounts will be charged five per cent for withdrawal or lodgment of over N3m cash.

“Henceforth, nothing will be charged as processing fees for lodgments,” he said.

Fatokun directed banks to make all necessary refunds to customers with immediate effect.