Payment Of New Deposit/Withdrawal Charges Optional – CBN


The Central Bank of Nigeria (CBN) says the newly introduced controversial charges on bank deposits was optional.

The CBN also said that charges on withdrawals from banks were optional for individuals and businesses.

Igbere TV reports that the apex bank made the claims on its verified/official Twitter handle Sunday morning.

“Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses”, it said.

“CBN has provided various options to receive and and pay out money above the limits without having to pay any charge”, the statement added.

The CBN, however, refused to disclose the said “option(al)” even when its followers demanded to know.

The Central Bank had recently introduced a controversial 2 per cent charges on deposits and withdrawals above N500,000.

According to the CBN, the new charges, which takes effect from five states, applies on individual and corporate accounts.


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