CBN reintroduces cashless charges on bank deposits and withdrawals

Saturday, 25 February 2017

The Central Bank of Nigeria, CBN, Thursday, reintroduced charges on cash deposits in banks after its' 493rd meeting with the Banker's committee, This would take effect at different dates in different parts of the country. Director, Banking and Payments Systems Department, Mr. Dipo Fatokun, announced this in a circular entitled: “Circular on nationwide implementation of the cashless policy.”

The circular stated: “Charges for cash deposit by individuals are as follows: Less than N500,000, zero charge; from N500,000 to N1 million, 1.5 per cent; from N1 million to N5 million, two per cent charge; above N5 million, 3 per cent charge.

Charges for cash withdrawal by individuals are as follows: Less than N500,000, zero charge; From N500,000 to N1 million, two per cent; from N1 million to N5 million, 3 per cent charge; above N5 million, 7.5 per cent charge. 

Charges for corporate cash deposit are as follow: Less than N3 million, zero charge; from N3 million to N10 million, two per cent; from N10 million to N40 million, three per cent; above N40 million, five per cent. “Charges for corporate cash withdrawal are as follows: Less than N3 million, zero charge; from N3 million to N10 million, five per cent; from N10 million to N40 million,  7.5 per cent; above N40 million, 10 per cent. 

The new charges is scheduled to take effect from April 1 2017, in the existing cashless states (Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT). The policy shall be implemented with the charges taking effect on May 1, 2017 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau.