A lot of people think the charges will be on the entire money deposited/withdrew. Now CBN in a tweet has made the explanation clear.
”The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a 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”, a message from its twitter handle read.