CBN To Implement New Charges on Deposits, Withdrawals April 1

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.

CBN To Implement New Charges on Deposits,  Withdrawals April 1

The Central Bank of Nigeria (CBN) will begin 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 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.



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“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.”

The policy surrounds charges applicable to cash deposits and withdrawals above N500,000 from any of the commercial banks existing in the country.

For individual accounts

Withdrawals/deposits above N500,000, there shall be two charges:

1: Processing fee (5% of the withdrawal/deposit amount)

2. Lodgement fee (3% of the amount)

For Business accounts:

Withdrawals/deposits above N3,000,000 will incure the following changes

1: Processing fee (5% of the amount)

Lodgement fee (3% of the amount)

However, the Central Bank of Nigeria stated that the changes above are things of choice as there are other options bank Customers can use in order to avoid the charges.