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.

“Please be informed that the bankers committee at its 493rd meeting held on February 8 reviewed the cashless policy charges on withdrawal and deposit and decided that the policy be extended to the 30 remaining states of the federation,” the circular read.

For individuals, deposits ranging from N500,000 to N1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge.

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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