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CBN Commences Implementation Of New Charges On Deposit, Withdrawal April 1




The implementation of the new Central Bank of Nigeria (CBN) policy on deposits and withdrawals above N500, 000 will take effect nationwide from April 1.


This is according to an electronic mail message sent by the Guaranty Trust Bank (GTB).


The message revealed that a three per cent processing fee for withdrawals and two per cent processing fees for lodgments of amounts above N500, 000 for individual accounts will become active from the date.


The message also stated that corporate accounts will attract a five per cent processing fee for withdrawals and a three per cent processing fee for lodgments of amounts above N3,000,000.


“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,” the message read in part.



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