According to a new banking policy, Nigerians who deposit or withdraw N500,000 and above will now pay between 1.5 per cent and 7.5 per cent charges.
The Banker’s Committee of the Central Bank of Nigeria approved the new policy on Thursday, February 23.
Dipo Fatokun who is the Central Bank’s Director, Banking & Payments System Department of the Central Bank explained the new charges on individual and corporate deposits and withdrawals.
According to Mr. Fatokun, while deposits and withdrawals by individual customers of amount less than N500,000 would attract no charges, corporate customers would not be expected to pay any charge for deposits or withdrawals below N3 million.
However, individual deposits between N500,000 and N1 million would attract 1.5 per cent charge, against 2 per cent for withdrawal.
Individual deposits of amount between N1 million and N5 million would attract a charge of 2 per cent, against 3 per cent for the deposit of a similar amount, while depositors above N5 million would pay 3 per cent as against 7.5 per cent for the withdrawal of equivalent amount.
Nigerianmonitor
The Banker’s Committee of the Central Bank of Nigeria approved the new policy on Thursday, February 23.
Dipo Fatokun who is the Central Bank’s Director, Banking & Payments System Department of the Central Bank explained the new charges on individual and corporate deposits and withdrawals.
According to Mr. Fatokun, while deposits and withdrawals by individual customers of amount less than N500,000 would attract no charges, corporate customers would not be expected to pay any charge for deposits or withdrawals below N3 million.
However, individual deposits between N500,000 and N1 million would attract 1.5 per cent charge, against 2 per cent for withdrawal.
Individual deposits of amount between N1 million and N5 million would attract a charge of 2 per cent, against 3 per cent for the deposit of a similar amount, while depositors above N5 million would pay 3 per cent as against 7.5 per cent for the withdrawal of equivalent amount.
Nigerianmonitor
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