Please be informed that the Central Bank of Nigeria (CBN) has re-introduced and reviewed charges on cash deposits and withdrawals in the existing cash-less states - Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT (Abuja) effective 1st April, 2017.
The CBN has also extended the cash-less policy to all 30 remaining states of the federation with commencement dates as follows:
Effective May 1, 2017 in the following state: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Platuea.
Effective August 1, 2017 in the following states: Edo, Kastina, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa.
Effective October 1, 2017 in the following states: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Yobe, Sokoto and Zamfara States.
The revised charges for all cash deposits and withdrawals are as follows:
Individuals - Deposits or withdraws less than N500,000.00 would not be charged.
Deposits above N500,000.00 attracts 1.5% charge, whilst withdrawals attracts 2% charge.
Deposits between N1,000,000.00 to N5,000,000.00 attracts 2% charges whilst withdrawals within the region attracts 3% charge.
Deposits above N5,000,000.00 attract 3% charge, whilst withdrawals attracts 7.5% charge respectively.
Corporates - Deposits or withdrawals less than N3,000,000.00 would not be charged.
Deposits and withdrawals between N3,000,000.00 to N10,000,000.00 attracts 2% and 5% charges respectively.
Deposits and withdrawals between N10,000,000.00 and N40,000,000.00 attract 3% and 7.5% charges respectively.
Deposits and withdrawals above N40,000,000.00 attract 5% and 10% charges respectively.
Exemptions have however been granted to Revenue Generating Accounts of the Federal, State and Local Governments on cash deposits.
Embassies, Diplomatic Missions, Multilateral and Aid Donor Agencies in Nigeria are also exempted from all processing fees relating to the cash-less policy implementation.
To ensure seamless transition to a cashless economy, we encourage you to take advantage of our secure and always ON alternative channels for all your banking needs.