Suspend new charges on cash deposit, withdrawal, Lawmakers to CBN


The House of Representatives has directed the Central Bank of Nigeria to immediately suspend the new charges placed on Nigerians under its new cashless policy.

The apex bank had announced an increase in charges on withdrawals and deposits exceeding N500,000.

But in a plenary session on Thursday, the lower legislative chamber ordered the apex bank to suspend the policy until appropriate consultations were made.

A tweet on the official Twitter handle of the House of Representatives reads, “The @HouseNGR has urged the Central Bank of Nigeria to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively.

“The suspension is until appropriate and comprehensive consultations are made and the outcome of the interface of the House on the matter is concluded.”

The circular signed by Director, Payments system management Department, CBN , Sam Okojere on Tuesday noted that nationwide implementation of the cashless policy will begin by March 2020.

According to him, the apex bank implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

He noted that the charges would 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 Deposit Money Banks (DMBs) would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3million,” the circular signed by Okojere noted.

He, 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.


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