The Central Bank of Nigeria (CBN) says the newly introduced controversial charges on bank deposits were optional. The apex bank also said that charges on withdrawals from banks were optional for individuals and businesses. The CBN made the clarification on its verified/official Twitter handle Sunday morning.
The tweet read
“Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses. CBN has provided various options to receive and pay out money above the limits without having to pay any charge”, the statement added.
The bank however failed to disclose details relating to the option involved in the new policy although many followers demanded to know.
The Central Bank had recently introduced a controversial 2 per cent charges on deposits and withdrawals above N500,000 for individual accounts.
For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.
The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.
Meanwhile, the House of Representatives has called on the CBN to halt the policy. The House also resolved to mandate the House Committee on Banking and Currency to interface with the CBN to “ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time, considering the prevailing economic situation of the country and to report back to the House within four weeks.”
