The Central Bank of Nigeria (CBN) has introduced a new policy, thereby transaction fees will be paid on deposits and withdrawals above 500,000 Nigerian naira.
This was disclosed the CBN Payments System Transaction Management Department Director, Sam Okojere.
The policy has taken immediate effect on Wednesday 18th September, which it was announced.
Okojere said “The transactions will attract three per cent processing fees for withdrawals and two percent lodgements above N500,000 for individual account.
“Cooperate account percent processing fees for withdrawals and three per cent lodgement fees for transactions above N3 million.
“The charges will, however, only apply to states like Lagos, Ogun, Kano, Abia, Anambra, Rivers and the Federal Capital Territory (FCT)”.
