In a bid to encourage cashless transactions among citizens, the Central bank of Nigeria has ordered banks to impose charges on all transactions above ₦ 500,000.

With the instruction meted out by the central bank of Nigeria, banks all over the country will commence the imposition on 1st of April, 2020.

This will see to it that all transactions above ₦ 500,000 will be charged.

In any case, some banks have already started informing their customers about this development.

One of such banks is the Guaranty Trust Bank, (GT). GT Bank has informed its customers that come April 1st, the charges will be implemented.