In a circular to all deposit money bank, the Director, Payments System Management Department at the CBN, SAM OKOJERE, said henceforth three percent processing fees would be paid for withdrawals and two percent for deposits of amounts above five hundred thousand naira for individual accounts.
Similarly, corporate accounts will attract five percent processing fees for withdrawals and three percent processing fee for lodgments of amounts above three million naira.
The charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging its cashless policy.
The CBN directed that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.
