The new CBN policy on cash withdrawals to start on 1st of April

The CBN has announced that charges on cash deposit over 500,000 will be implemented Nation wide starting from wednesday the 1st of April, 2020. this comes as an addition to the already existing charges on cash deposit.

This means that when you withdraw cash over 500,000 Naira from any of your commercial Bank, you will be charged as stated bellow:

For individual account, withdrawals over 500,000 Naira will be charged processing fee of 3% while 2% willbe charged for lodgement.

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For cooperate Account, withdrawals of over 3,000,000 Naira will be charged processing fee of 5% while 3% will be for lodgement.

Under the cashless policy, CBN says the payment of deposit/withdrawal charge is a choice by individuals and businesses. The bank said there are other options to receive and pay out money above the limits without having to pay any charge.

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.)

This new policies has brought about divergent views across the country.

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