On Thursday 24th Feb 2017,  the Central Bank of Nigeria, CBN, concluded to reintroduce  charges on cash deposits in banks after its’ 493rd meeting with the Banker’s committee. Director, Banking and Payments Systems Department, Mr. Dipo Fatokun, announced this in a circular entitled: “Circular on nationwide implementation of the cashless policy.” Read the circular below…

 “Charges for cash deposit 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 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.