Looks like Central Bank of Nigeria is not done regulating how we spend dollars, pounds and euros in Nigeria. GTBank Nigeria has just sent out a circular with regards to what charges domiciliary account holders can expect when making transactions on their accounts.
In the past GTBank has been quite unpredictable when it comes to charging for cash withdrawals. Sometimes they charge and sometimes they don’t but I guess with this new directive from CBN, one should expect charges always.
My only worry with this latest development was if it would affect online transactions like paying for goods and services so I called GTCONNECT and I was told it wouldn’t affect that at all. During my conversation with the customer care rep, I also discovered that GTBank no longer allows customers to withdraw dollars over the counter. One has to have a talk with his/her account manager to do that as from now on.
Peep them charges below
|
Charges for Cash Lodgement |
No Charge |
|
Commission on Cash Withdrawal |
0.5% of Transaction Value + 5% VAT on Fee |
|
Inward Foreign Currency Transfers |
No Charge |
|
Outward Foreign Currency Transfers |
0.5% of Transaction Value, subject to a minimum of 10 units of the currency + N4,000 Swift Charge + $25 off-shore Bank fee |
I’m grateful this doesn’t affect me in any way. The last thing I need is to bleed dollars with the current exchange rate. *sighs*
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