Godwin Emefiele-The new CBN Governor
Emefiele gave this directive at a news briefing to unveil his policy for the apex bank in Abuja.
“We have become aware of the complaints by customers regarding the charges being imposed for cash deposits.
“The complaints have resulted in customers devising various means to
avoid the charges through opening of multiplicity of accounts and other
behaviours aimed at undermining the objective of the policy.
“Given these outcomes and to better reflect our goal of having more cash
under our control, all charges on deposits are hereby stopped with
immediate effect,’’ Emefiele said.
He said that charges on withdrawals, in view of their eventual
elimination would remain at three per cent for individual transactions
exceeding N500,000 and five per cent for corporate transactions
exceeding N3 million.
According to him, currently, the fees go entirely to the commercial banks and should be determined by the CBN.
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