Tag: Withdrawals
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FG cannot restrict withdrawals from state accounts, says constitutional lawyer
An Abuja based constitutional lawyer, Mr Sebastine Hon, SAN, says the Federal Government lacks constitutional backing to restrict withdrawals from the bank accounts of states and local governments as proposed by the Nigeria Financial Intelligence Unit )(NFIU). Hon, in a statement on Thursday in Abuja said that Nigeria, with a federal system
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CBN begins charges on deposits, withdrawals above N500,000
*Deduction of (3%) N15K on withdrawals above N500, 000 for individual accounts. Deduction of (2%) N10K on deposits above N500, 000 for individual accounts *Corporate accounts: Deduction of (5%) N150k for withdrawals and (3%) N90k processing fee for lodgments of amounts above N3, 000, 000 The Central Bank of Nigeria on Tuesday said that the…
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CBN re-introduces charges on cash deposits, withdrawals above N500,000
The Central Bank of Nigeria, CBN on Thursday announced the re-introduction of bank charges on cash deposits and withdrawals above N500,000 and N1m respectively. The decision of the apex bank was made known in a circular signed by the Director, Banking and Payments System Department, Mr. Dipo Fatokun to all Deposit Money Banks, DMBs. The…