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Saturday, March 18, 2017


Have you seen this?Hmmmmm!!!

Dear All,

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.


  1. Replies
    1. Don't worry I will share my money and pay them to different bank you guys are not wise at all

    2. Who has the time to be going to bank before when I can do every transactions online. What's internet banking meant for?

    3. This is multiple taxation. We are now being penalized for putting our money in banks. Na we steal Nigeria's money finish?

  2. Since #500,000 is without charges..!! Kindly divide your 4million by 8.. Send one in d morning, send in the afternoon. Do that for 4days..!! 😂😂😂😂.

    1. God bless and increase your wisdom Jooooo.

    2. Olodo, its cumulative per day.

  3. What nonsense, to put your money again charge ,to collect am charge,for this stupid country na d change we want mtchew what nonsense

  4. Thiss is what I have been saying since

  5. Ola wealth, its refers to CASH withdrawals and deposit, not online transfers

    1. Ehn.. Use the same principle na.. If e no work for A, it will work for B..😂😂

  6. Mk i call my carpenter to nack save with wood 4 me. That way i wont b charged.

  7. Thunder them all.. Wat nonsense.


    Mc pinky

  8. Seriously! What is wrong with even youths in nigeria. So you people don't want cashless policy and you want nigeria to be like the abroad abi. The policy says CASH withdrawal not internet transactions. So you guys complaning can actually be carrying 500k and the likes in cash around, No wonder robbers attack people at home. In the abroad i can't even remember the last time i had cash on me.....most stores accept contactless payment. Abeg....naija make ina wise up.

  9. Not making any sense at allll. This country sef!

  10. Dear God show me the day il do transactions with a figure of plenty zeros.amen.

  11. I've always loved this idea of cashless society

  12. ...please do not come and embarrass yourself. This policy encourages e transactions. Less lines at the bank and a safer society. You would only carry small notes around. It is a common thing everywhere. Please read before shouting.

  13. The CBN Cashless Policy os very effective and encouraging


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