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CBN Removes Banks Charges on Deposit List Documents Requirements for Large Cash

November 27, 2022


Charges for Nigerians making cash deposits in banks have been stopped by the Central Bank of Nigeria (CBN). While addressing journalists in Abuja about the anticipated effects of new naira notes in Abuja on Wednesday, 23 November 2022, CBN Governor Godwin Emefiele reaffirmed this. The apex bank added that the suspension of bank fees expressly applies to all cash deposits and electronic deposits totaling Nairas worth N150,000.
Customers used to be paid a commission for the transaction as well as a stamp tax of N50 for bank deposits and a 7.5% VAT.


Emefiele said,


For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. “Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts. “What we have right now is that if you pay more than N150,000 into your account electronically, that is when you will only pay the charges.” “This means it does not limit you from paying N10 million or N1 billion into your account. The only thing is that you will pay for cash processing for deposits above N150,000.



New Cash withdrawal requirement In another development, the CBN has announced plans to monitor Nigerians withdrawing large cash from banks. The monitoring will be done in conjunction with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.


Emefiele pointed out that since it would be difficult and traceable, it would not be normal for anyone to walk into a bank and remove significant sums of money. It was observed that the CBN governor had stated that there would be a significant reduction in the amount that could be withdrawn from the counter, and that bulk withdrawals would involve a number of steps and security checks to monitor use.


He said:


“We will limit the amount of cash customers may withdraw over the counter.” If you need to withdraw large amounts of cash, you will have to fill out a plethora of forms; we will take your data, whether it’s your BVN or NIN, so that our law enforcement agencies, such as the EFCC and ICPC, can track you down and ensure that you are using the money for good.”


The EFCC has also kicked off a campaign advising Nigerian companies against accepting cash payments of N5 million from individuals and N10 million from corporations.