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Effective from today, you will pay a huge fine for cash deposit or withdrawal above N500k individual or N3m corporate in Abia, Abuja, Anambra, Kano, Lagos, Ogun or Rivers State. Rest of the country will take effect from 31 March 2020. 
This is based on the cashless policy of the CBN. The new charges are in addition to all the current bank charges already being paid.
For example, as an individual or unincorporated business if you deposit N1m cash, your bank will deduct N20k (N30k for withdrawal).
For a company account, you will pay N150k to deposit N5m cash (N250k for withdrawal).
Effectively for any cash amount above the limits, you will pay N30 for every N1000 withdrawal (N50 for company) and N20 for every N1000 deposit (N30 for company)
This policy will affect supermarkets and retailers with a lot of cash takings, and even tax collectors who collect taxes in cash.
You can avoid the charge by using POS and other forms of electronic payments instead of cash. And politicians who buy votes :)
Without careful implementation with relevant exemptions, this policy will negatively affect financial inclusion and further complicates ease of doing business for small businesses.
And what happens where there is "no signal" or "network not available" for pre-payment? Plus the tax man may seek to disallow the charge as an unnecessary fine.
On the positive side, this will help curb illicit financial flows, reduce CBN's cost of cash management and bring more transactions within the banking system for tracking and tax purposes.
It would have been more tenable for the CBN to give sufficient advance notice, and phase the implementation with progressive charges to enable people doing legitimate businesses make necessary adjustments.
For e-payment (not pre-payment)
