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Update On Central Bank Of Nigeria Cashless Policy

Posted by on September 19, 2019Skip to Comment



Effective today, September 18, 2019 the Central Bank of Nigeria (CBN) has directed the re-introduction of bank charges on cash withdrawals / deposits in Lagos, Ogun, Kano, Abia, Anambra, Rivers States and FCT.

Details are as shown below:

ACCT TYPE WITHDRAWAL/DEPOSIT LIMIT PROCESSING FEE FOR WITHDRAWAL PROCESSING FEE FOR DEPOSIT
INDIVIDUAL ABOVE =N=500,000 3% 2%
CORPORATE ABOVE =N=3,000,000 5% 3%

Please note that this is in addition to the already existing charges on withdrawals, where applicable.

How To Avoid This Cbn Charges

To avoid these charges, we encourage you to use our electronic banking channels including FCMB New Mobile, Access Mobile, First Bank, Uba Mobile banking. Internet Banking and our debit or credit cards for your transactions.

The nationwide implementation of the CBN Cashless Policy will take effect from March 31, 2020.

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