CBN to Implement Charges on Deposits, Withdrawals April 1

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  • CBN to Implement Charges on Deposits, Withdrawals April 1

The 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, 2020.

The implementation was stated in an email sent by Guaranty Trust Bank to its customers on Thursday.

The apex bank had directed all Deposit Money Banks in the country to charge three percent on withdrawals more than N500,000 and two percent on deposits of the same amount for individuals.

While banks were instructed to charge corporate accounts five percent processing fees for withdrawing above N3,000,000 and three percent for the same lodgements.

The GTBank statement 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.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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