CBN mandates banks to charge for cash deposit
The Central Bank of Nigeria (CBN) has said bank customers who make cash deposit of N500,000 and above will start paying charges from April 1, 2020.
To this effect, banks have begun informing their customers of the new development, urging them to take advantange of their electronic payment platforms for their transactions.
According to Guaranty Trust Bank Plc, individuals with cash deposit of N500,000 will pay a charge of three percent and a processing fee of two percent.
Corporate bodies who make cash deposit of N3,000,000 and above will pay five percent of the amount deposited and a processing fee of three percent.
The charges are meant to strengthen the cashless policy directive of the CBN.