CBN RE INTRODUCES CHARGES ON DEPOSITS

The Central Bank of Nigeria (CBN) has re introduced charges on customers deposits but with effect fron April 1 in six states plus Abuja different later dates for others in groups.

According to a circular dated February 20 to deposit money banks different rates will apply for deposits not less than N500,000 for individuals and N3m in the case of corporate organisations.

Between N500,000 and N1m for individuals will attract 1.5% for deposits and 2% for withdrawals while above N1m and N5m will attract 2% for deposits and 3% for withdrawals and 3% for deposits and 7.5% for withdrawals above N5m.

As for corporate organisations, between N3m and less than N10m will be charged 2% for deposits and 5% for withdrawals then 3% for deposits and 7.5% for withdrawals above N10m up to N40m.

Finally, corporate organisations will pay 5% and 10% on deposits and withdrawals respectively above N40m 

The new charges will apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja from April 1, this year.

On the other hand, bank customers in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau states will be affected from May 1.

From August 1 it will be the turn of customers in Edo, Katsina, Jigawa, Niger, Oyo, Akwa Ibom. Ebonyi, Taraba and Nasarawa States to start to pay.

Then finally customers in Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara states will be affected from October 1, Nigeria's indelendence day.

The revenue thus derived , says the CBN, will be shared 40/60 between the apex bank and the banks.

The new charges charges charges were decided upon by at the bankers committee meeting held February 8.

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