CBN New Directive on Cashless Policy Takes Effect from April 1st 2020

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Wednesday, March 04,  2020   /07:05 PM  / By GTBank / Header Image Credit: EcoGraphics

 

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 the already existing charges on withdrawals.

 

This means that whenever you deposit or withdraw cash over N500, 000 at any of the bank branches located in Nigeria, you will be charged a processing fee as detailed below:

 

Account Type

Withdrawal/Lodgement Limits

Processing Fees for Withdrawals

Processing Fees for Lodgement

Individual

Above 500,000

3%

2%

Corporate

Above 3,000,000

5%

3%

Source: GTBank

 

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CBN Circulars

  1. CBN Issues Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019
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  4. Guide To Bank Charges Circular To All Banks, OFIs And Mobile Payments Operators - 2017 - Apr 2017

 

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