CBN removes banks charges on deposit; list documents requirements for large cash withdrawals

The Central Bank of Nigeria (CBN) has suspended charges for Nigerians making cash deposits in banks.

CBN governor Godwin Emefiele reiterated this while briefing journalists in Abuja on the expected impact of new naira notes in Abuja on Wednesday, 23 November 2022.

The apex bank noted that the bank charges suspension specifically affects all cash deposits and electronic deposits of the Naira to the tune of N150,000. CBN governor suspends bank charges.

Before now, customers are charged a stamp duty of N50 for bank deposits, a 7.5 per cent VAT and a commission for the transaction.

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.

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 noted it would not be business as usual for anyone to walk into a bank and withdraw large cash as it would be complicated and trackable. The punch noted that the CBN governor said that the amount of money that can be withdrawn from the counter would be reduced drastically, adding that bulk withdrawals would require several procedures and security checks to track use.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.