Charges on deposits, withdrawals above N500,000 take effect April 1

The nationwide implementation of the Central Bank of Nigeria’s cashless policy on deposits and withdrawals above of N500,000 will take effect nationwide from April 1.

This was made known in an electronic mail message sent by the Guarantee Trust Bank to its customers on Thursday.

According to the message, there will be three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts.

It 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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