Monday, 13 July 2015

Briefly: Banks Begin Deduction of Charges on Cash Withdrawal Nationwide

In line with the cashless policy of the Central Bank of Nigeria (CBN), deposit money banks in the country have commenced deduction of charges on cash withdrawal in excess of the stated limit. The guideline was put on hold in June 2014 by the CBN to allow banks sensitise their customers and put in place necessary channels to facilitate the cashless policy process.

The directive which had been operational in Lagos, Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers States will now be effective nationwide, including the previously exempted 30 states of Nigeria from  the slated deadline of July 1, 2105 by the Central Bank of Nigeria.
The directive will affect both the individual and corporate account holders including Collection accounts that are linked to the same account holder.
According to the CBN directive, 3% charge will be deducted for daily individual cumulative or single cash withdrawals in excess of N500, 000, and 5% charge on daily cumulative or single cash withdrawals in excess of N3, 000,000. The charges will apply irrespective of the channel used by banks’ customers. 

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