CBN Transaction Charges From Bank Deposit and Withdrawal Commences Today

If you have a bank account in Nigeria and regularly deposit money into it, read this new CBN transaction charges starting from tomorrow in some states in Nigeria

How this works:

If you deposit N500,000 in your bank account, CBN will take 2% = N10,000
Your balance will be N490,000

If you withdraw N200,000 from your bank balance of N490,000, CBN will take 3% from that withdrawal = N6,000
Your withdrawal will be N194,000