The nationwide implementa-tion of the Central Bank of Nigeria (CBN)’s cashless policy on deposits and withdrawals above N500,000 will take effect nationwide from April 1.

This was made known in an electronic mail message sent by the Guaranty Trust Bank to its customers yesterday.
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.

For corporate accounts, the bank said it would charge five per cent processing fees for withdrawals and three per cent processing fee for lodgments of amounts above N3,000,000.

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 1, 2020.

“This comes as an addition to already existing charges on withdrawals.

“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.”