BANK CHARGES: CBN Explains It Cashless Withdrawal/Deposit Charges It Imposed On Nigerians


The Central Bank Of Nigeria, CBN, has made more clarification on the new cashless withdrawal/deposit charges it has early introduced.

Recall that the CBN has mandated all banks to charge its customers 2% on every transaction exceeding NGN500,000.

This policy has drawn so much concern on citizens, some said it was indirect stealing from citizens of Nigeria.

But on Friday, the CBN explained in details the new cashless withdrawal charges on its official twitter handle @cenbank, stating that the 2% charge will only be applied on the amount which exceed the limit(N500,000).

CBN Tweets:
“The cash-less deposit/withdrawal charges is only on the amount in excess to the limit. For instance, if you deposit a cash of N501,000.00. N1,000 is in excess of the limit. The bank will charge you 3% of N1,000 which is N20”

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