Withdrawal, deposit charges begin in Lagos, FCT, Ogun, others

Withdrawal, deposit charges begin in Lagos, FCT, Ogun, others

The first phase of the planned implementation of the cash-less projects is expected to commence today in Lagos, Abuja, Ogun, Abia, Kano, Anambra, and Rivers States.

In the seven states, cash withdrawals or deposits in excess of N500,000 by individuals in a single bank account per day would now attract charges.

Read also: Alleged N6.6bn debt: Court stops Stella Oduah, company from making withdrawal from 21 bank accounts

A breakdown of the policy is that any withdrawal above N500,000 to N1 million will attract two per cent charge while between N1 million and N5 million attracts three per cent.

While that of N5 million will get 7.5 per cent charge, for company account only deposits or withdrawal in excess of N3m will attract charges.

Meanwhile, the second phase comprising Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau states will take off on May 1.

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