Banks will charge N4m on every N40m cash withdrawal from April 2017

Banks will charge N4m on every N40m cash withdrawal from April 2017

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– The Central Bank of Nigeria (CBN) has announced that rates on deposits will be reintroduced.

– In a circular published on its website, the apex bank said that the decision was taken at the 493 meeting bankers committee held on 8 February 2017.

The apex bank also said it would expand its overnight policy for the remaining 30 states.

Deposits of amounts above N1m to N5m will attract 2% and withdrawals will attract 3% charge. Deposits and withdrawals above N5m will attract 3% and 7.5% charge respectively. In the corporate category, deposits and withdrawals below N3m will not attract charges.

Deposits and withdrawals between N3m and N10m will attract 2% and 5% respectively, while deposits and withdrawals between N10m and N40m will attract 3% and 7.5% respectively. Deposits and withdrawals above N40m will attract 5% and 10% respectively.

“The new charges would take effect from April 1 in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau,” the circular read.

“The policy shall be implemented with the charges taking effect on August 1 in Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa. The policy shall be implemented with the charges taking effect on October 1 in Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.”

CBN said the income generated from the charges would be shared between it and the banks in a ratio of 40:60.

It said exemptions would only be available for the government, embassies, diplomatic missions and aid donor agencies.

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