In a move that is sure to excite bank depositors the new CBN Governor stopped charges on deposits made into banks. Until now, depositors were expected to pay 2% and 5% for individuals and corporate deposits respectively. This is represents huge savings for individuals and companies that still rely on very high cash turnovers.

Emefiele quoted

“All charges on deposits are hereby stopped with immediate effect. Charges on withdrawals, in view of their eventual elimination, remain sustained at the current three per cent for individual transactions exceeding N500,000 and five per cent for corporate transactions exceeding N3m.

“Currently, these fees go entirely to the commercial banks. However, going forward, the central bank shall determine what percentage of these fees on excess drawings that will be redeemed by the bank while the rest shall be remitted to the CBN.”

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