CBN Punishes Most Southern States With Extra Tax On Cash Withdrawals & Deposits | Shields The North

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Nigerians to pay more than N10,000 additional charges for paying and withdrawing cash above N500,000

• Nigeria's central bank imposes new charges on every deposit and withdrawal on bank accounts
• The new charges kick off with immediate effect in some states.
• Sam C. Okojere, Director, Payments System Management Department says the nationwide implementation of the cashless policy will take effect from March 31, 2020.
Nigeria's Central Bank has approved additional charges on deposits and withdrawals in the country.
In a circular issued to all banks on Tuesday, September 17th, titled: "Re: Implementation of the Cashless Policy," CBN said the new charges on depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state and the FCT immediately.
The statement further stated that the new charges would be in addition to existing charges on withdrawal, effective September 18, 2019.

The details of the additional charges below:
Individual account
Above N500,000
• Withdrawal/Lodgement limits - 3%
• Deposits - 2%
Corporate account
Above N500,000
• Withdrawal/Lodgement limits - 5%
• Deposits - 3%.
• What does this mean
• With this policy, every deposit above N500,000 on individual’s account will attract a 2% fee. For instance, if you pay N510,000 into your savings account, the bank will charge you N10,020 for the transaction.
• Withdrawals attract higher fees of 3% and 5% for individual and corporate accounts respectively.

Sam C. Okojere, Director, Payments System Management Department said the nationwide implementation of the cashless policy will take effect from March 31, 2020.

CBN Cashless policy
Business Insider SSA understands that this policy is in continuation of CBN's cashless policy. In 2012, the apex bank introduced the policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.

According to the CBN, the new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)

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