Charges on deposits begin today, says CBN

The Central Bank of Nigeria (CBN) on Wednesday issued a circular which allows for banks charges on deposits effective today.

Consequently, customers are to pay huge fees for cash deposit or withdrawal above N500k individual or N3m corporate in Abia, Abuja, Anambra, Kano, Lagos, Ogun or Rivers State. Rest of the country will take effect from March 31, 2020.

In the circular to deposit money banks signed by Sam Okojere, director, payment system management department, the nation will implementation of cashless policy will take effect from March 31, 2020.

Responding to this development, Taiwo Oyedele, head of tax PwC, said the policy will affect supermarkets and retailers with a lot of cash takings, and even tax collectors who collect taxes in cash.

He said in his tweeter account that without careful implementation with relevant exemptions, this policy will negatively affect financial inclusion and further complicates ease of doing business for small businesses.

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Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.