The Central Bank of Nigeria (CBN) says the charges on deposit and withdrawal on the savings account will be carried out on the excess of the limit it has set.
Nigerians have been enraged over the 2% charges on savings account or withdrawal or deposit above N500,000.
The Lekki Forum of the Nigerian Bar Association condemned the new policy, describing it as evil and obnoxious.
Reacting to the criticism that has trailed the new policy, CBN said the charges will only apply on the excess of N500,000.
"The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit cash of N501,000.00, N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00," the apex bank said.
CBN also directed the strict implementation of merchant service charge, which would impose more charges on all point of sale (PoS) transactions.