VAT aside, you'll start paying fees for bank deposits starting tomorrow according to the CBN

Buhari's 'Next Level' is surely going to be very interesting as the government continues to pursue policies which when in effect, will ensure Nigerians are further parted with a portion of their little incomes.



According to a latest development shared by Sahara Reporters, come September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

This latest development was announcement today Tuesday 17th, 2019 by the Central Bank of Nigeria (CBN). The CBN also added that the nationwide implementation of the cashless policy will begin by March 2020.


The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.




According to the circular as Reported by Sahara, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.



The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.