Central Bank of Nigeria (CBN) will commence nationwide implementation of its cashless policy mandating Nigerians to pay fees on withdrawals and deposits above N500,000 on April 1
The implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.
Already, Guarantee Trust Bank (GTB) in an electronic mail message sent to its customers on Thursday, said that there will be three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.
For corporate accounts, the bank said it would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3, 000, 000.
It read in part, “The Central Bank of Nigeria has announced that charges on cash deposits over N500,000 will be implemented nationwide effective from Wednesday, April 1st, 2020.
“This comes as an addition to already existing charges on withdrawals.
“This means that whenever you deposit or withdraw cash over N500,000 at any of our branches located in Nigeria, you will be charged a processing fee.”
