Federal government to revive direct tax as CBN imposes fee on bank deposits.
In a move to implement the cashless policy initiated by the Central Bank of Nigeria almost a decade ago, all deposit money banks are directed to apply charges on both withdrawal and deposits.
The charges according to the director of the payment system management department of the CBN, Sam C. Okojere shall in the first stage of its implementation apply to Lagos, FCT, Ogun, Kano, Abia, Anambra and Rivers.
In the new policy, any individual depositing above N500,000 shall pay a processing fee of 2% and 3% for individuals wishing to withdraw above same amount.
Corporate bodies will pay 3% processing fee and 5% withdrawal fee.
