The nationwide implementation of the Central Bank of Nigeria’s cashless policy on deposits and withdrawals above N500, 000 comes on stream from April 1.
Guaranty Trust Bank disclosed this in electronic mail message it sent 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 depositing 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 lodging amounts above N3, 000, 000.
“The CBN 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.
“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,” the bank said.
