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CBN Explains How Banks Will Deduct New Deposit Charges

The Central Bank of Nigeria (CBN) recently announced the imposition of 2% charges on bank deposits above N500,000 in addition to already existing charges on withdrawals.
The development is part of the central bank’s plan for nationwide implementation of the cashless policy which will begin by March 31, 2020.

The apex bank made this known in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday, September 17. The new policy has, however, been condemned by many Nigerians who believe it is obnoxious.
Also, the policy has generated some confusion as many seek to know how Deposit Money Banks (DMBs) will be deducting the charges. This prompted the central bank to provide further explanation regarding the new charges.

According to the apex bank, the charges on deposit and withdrawal on the savings account will be carried out on the excess of the limit it has set.

The Central Bank of Nigeria (CBN) recently announced the imposition of 2% charges on bank deposits above N500,000 in addition to already existing charges on withdrawals.
The development is part of the central bank’s plan for nationwide implementation of the cashless policy which will begin by March 31, 2020.

The apex bank made this known in a circular to all Deposit Money Banks (DMBs) in the country on Tuesday, September 17. The new policy has, however, been condemned by many Nigerians who believe it is obnoxious.
Also, the policy has generated some confusion as many seek to know how Deposit Money Banks (DMBs) will be deducting the charges. This prompted the central bank to provide further explanation regarding the new charges.

According to the apex bank, the charges on deposit and withdrawal on the savings account will be carried out on the excess of the limit it has set.

Source: legitng

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