By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Re-introduces Charges on Cash Deposits, Withdrawals
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

CBN Re-introduces Charges on Cash Deposits, Withdrawals

Farouk Mohammed
By Farouk Mohammed
Published: February 24, 2017
Share
3 Min Read
SHARE

HIGHLIGHT

 

Contents
HIGHLIGHTCBN

The Central Bank of Nigeria (CBN) has announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.

CBN

This came about three years after the apex bank stopped the charges.

In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy.

- Advertisement -

The circular, signed by the Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.

It also directed that with effect from April 1, 2017, banks in the states where the cashless policy was already operating, Lagos, Ogun, Anambra, Abia, Kano, Rivers and the Federal Capital Territory, would begin to impose charges on deposits and withdrawals above N500, 000.

Banks will from that date begin to charge individuals 1.5 per cent and two per cent for deposits and withdrawals between N500, 000 and N1m.

According to the circular, individuals depositing or withdrawing between N1m and N5m will be charged two per cent and three per cent, respectively.

- Advertisement -

For amounts above N5m, banks will charge such individuals three per cent and 7.5 per cent for deposits and withdrawals, respectively.

With regard to corporate customers, the CBN stated that deposits and withdrawals under N3m would not attract any charge, but that such customers depositing or withdrawing between N3m and N10m would be charged two per cent and five per cent, respectively.

Also for deposits and withdrawals between N10m and N40m, customers will be charged three per cent and 7.5 per cent, respectively. Deposits or withdrawals above N40m by corporate customers will attract a charge of five per cent and 10 per cent, respectively.

According to the CBN, the new policy on charges will be implemented in selected states on May 1 and August 1, this year; while the total implementation will be concluded on October 1.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:BankCBN
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article U.S Star, Nick Cannon Welcomes Baby No.3 With Ex Girlfriend
Next Article Mimiko Formally Hands Over to Rotimi Akeredolu Ahead of Ondo Inauguration

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Last updated: 22 hours ago (June 28, 2025 10:51 am)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Security Situation Improving, CDS Urges Continued Support from Nigerians
News Security
David Mark to Lead Anti-Tinubu Coalition Under African Democratic Congress Platform
Politics Top stories
FG to Plant 20 Billion Trees Next Rainy Season in National Reforestation Drive, Says VP Shettima
International News
Federal Government to Overhaul Civil Servants’ Healthcare Policy Amid Rising Concerns
News Top stories
Paul Pogba Joins AS Monaco on Free Transfer After Doping Ban
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Aminu Alhassan Dantata
News

Dantata Family Confirms Burial Plans for Late Aminu Dantata

Muhammad A. Aliyu
Muhammad A. Aliyu
June 28, 2025
Goodluck Jonathan
News

Jonathan: “Every Day I Was Hearing About a Coup” During Yar’Adua Era

Muhammad A. Aliyu
Muhammad A. Aliyu
June 28, 2025
Frank Edoho
Celebrities

‘Maybe I’m Not Good at Marriage’ – Frank Edoho Opens Up About Second Divorce

Damilola A.
Damilola A.
June 28, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?