CBN clarifies charges on deposits, says it applies only on excess amount

The Central Bank of Nigeria (CBN) has clarified that contrary to popular opinion, its recently imposed charges on deposits and withdrawals above N500,000 for individuals and N3million for corporate bodies, applies only on the excess amount, not the entire sum.

“The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit,” the apex bank said through its twitter handle @cenbank.

“For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.”