The Central Bank of Nigeria, CBN, have announced that custoemrs making deposits and transactions in banks will from today pay a transaction fee.
According to the apex bank, the transaction fee is aimed towards reducing cash in use and also part of promoting a cashless policy.
The announcement was made known on Tuesday by Sam Okojere, CBN Payments System Management Department Director.
“The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.
“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.
“The charges will, however, only apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT),” he said.