The Nigerian Central Bank (CBN) recently re-introduced and reviewed charges on cash deposits and withdrawals in the already existing cash-less states: Abia, Anambra, Ogun, Lagos, kano, Rivers and the Federal Capital territory, Abuja with effect from April 1, 2017.
This cash-less policy has also been extended to the 30 remaining states in Nigeria with commencement dates stated below:
Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun, Plateau states: commences on May 1st, 2017.
Edo, Kastina, Jigawa, Niger, Oyo, Adamawa, Ebonyi, Akwa-ibom, Taraba and Nasarawa states commence on: August 1, 2017.
Kebbi,Sokoto, Bornu, Yobe, Benue, Kogi, Ekiti, Kwara, Cross-River, and Zamfara states commence on: October 1, 2017.
Charges for all cash deposits and withdrawals are as follows:
Individuals:
Amounts less than 500,000 attracts no charges for savings and withdrawals.
500 - 1,000,000 attracts 1.5% for deposits and 2% for withdrawals
1,000,000 - 5,000,000 attracts 2% for deposits and 3% for withdrawals
Above 5,000,000 attracts 3% for deposits and 7.5% for withdrawals.
Corporates:
Less than 3,000,000 attracts no charges
3,000,000 - 10,000,000 2% for deposits and 5% for withdrawals
10,000,000 - 40,000,000 35 for deposits and 7.5% for withdrawals
40,000,000 and above attracts 5% for deposits and 10% for withdrawals.
Multilateral and Aid Donor Agencies, Embassies and Diplomatic missions in Nigeria are however exempted from all processing fees relating to cash-less policy implementation.
Revenue Generating Accounts of the Federal, States and Local Governments in Nigeria are equally exempted on cash deposits.
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