By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Suspends Charges On Large Withdrawals, Deposits
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

CBN Suspends Charges On Large Withdrawals, Deposits

Farouk Mohammed
By Farouk Mohammed
Published: April 21, 2017
Share
1 Min Read
SHARE

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount.


 

The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced in February, and meant to take effect from April 1, 2017, have been dropped.

“For further clarification, the existing policy prior to the announcement of the new policy as earlier implemented in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT shall remain.

“For the avoidance of doubt, the old charges to be reverted to are as follows: an Individual charge on withdrawals or lodgement limit is now three per cent.

- Advertisement -

“Corporate accounts will be charged five per cent for withdrawal or lodgement of over N3 million cash.

“Henceforth, nothing will be charged as processing fees for lodgements,” he said.

Fatokun directed banks to make all necessary refunds to customers with immediate effect.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBN
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article 7 People Electrocuted In Calabar Football Viewing Centre Not 30 – Police
Next Article VIDEO: MTV Shuga 5 – Down South – Episode 6 – ‘Choices’

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Ali Bukar Dalori
Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation
Politics
MI Abaga
MI Abaga Expresses Regret Over Past Support for APC
Celebrities
Senator Natasha Akpoti-Uduaghan
JUST IN: Court Grants Senator Natasha Akpoti-Uduaghan Bail on Self-Recognition
News Top stories
Anambra State Orders Investigation After Viral Video Shows Possible Anti-Touting Squad Excesses
News
Kano Governor, Emir Sanusi, and Jigawa Leaders Attend Alhaji Aminu Dantata’s Burial in Saudi Arabia
News
- Advertisement -
Ad imageAd image

You May Also Like

International

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

FG Rewards 18 Civil Servants with Cars, Laptops for Outstanding Service

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

FG Allocates N1.6tn to States, FCT for Infrastructure and Security Over 15 Months

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?