Starting March 31, every time you make a deposit/withdraw above N500,000, you pay an additional 2% to the Nigerian banks   

11 March 2020: This “extra” charge includes a 2% processing fee for cash deposit and 3% processing fees for a withdrawal above N500,000, whereas for corporate accounts, it is 5% and 3% for withdrawal and deposit above N3 million.

This is CBN’s new method to shew the transactions to non-cash channels.

This is according to a Cashless Policy circular issued by the Central Bank of Nigeria (CBN) last year, wherein it stated that the new charges on depositors apply to those in Lagos, Ogun, Kano, Abia, Anambra, Rivers state, and the FCT.

The policy met strict criticisms from the public in 2019

Reporting for EasyKobo on Wednesday , 11 March 2020 in Lagos, Nigeria

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