It is important to know and understand the cash deposit and withdrawal limit set by the CBN. That way, you’ll be able to calculate what fees you have to pay and thus potential ways to cut your losses.
Established by the CBN Act of 1958, the Central Bank of Nigeria is the apex monetary authority of Nigeria. And as such, the CBN has several policies in place to bolster Nigeria’s economy and at the same time curb fraudulent transactions. Aside from that, the CBN performs several other functions in Nigeria’s economy.
Any person or corporate organization that exceeds the minimum cash or withdrawal deposit is liable to pay certain fees.
In this post, we’ll talk about the limits and the fees you’re liable to pay when you exceed those limits.
Cash deposit limits in Nigeria
The daily cumulative cash deposit limit for individuals in Nigeria is ₦500,000 (five hundred thousand naira).
Anyone who exceeds that limit is liable to pay a processing fee of 2% only for the excess amount. Hence, if you deposit, let’s say, ₦600,000 cash into your account or any account in Nigeria, you must pay a processing fee of 2% of the ₦100,000, which is the excess amount.
To put it differently, whenever you pay ₦600,000 in cash into an individual account, you have to pay a processing fee of ₦2,000.00.
The daily cumulative cash deposit limit into corporate accounts is ₦3,000,000 (3 million naira)
Therefore, deposits into corporate accounts in excess of ₦3,000,000 in one day will incur a processing fee of 3% on the excess amount.
For example, if you pay ₦4,000,000 naira into a corporate account in one day, you have to pay a fee of 3% of the excess 1 million. That is a fee of ₦30,000 (thirty thousand naira).
Cash withdrawal limits in Nigeria
The withdrawal fees are higher for both individual and corporate accounts. However, the limits are the same.
The daily cumulative cash withdrawal limit for individuals in Nigeria is ₦500,000 (five hundred thousand naira). Any individual who exceeds this fee is liable to pay a processing fee of 3% on the excess amount.
In other words, cash withdrawals from individual accounts in excess of ₦500,000 in one day, will incur a processing fee of 3% on the excess amount.
For instance, if you withdraw the sum of ₦600,000, you’d have to pay a fee of 3% of the excess ₦100,000, which is ₦3,000.
The daily cumulative cash withdrawal limit for corporate accounts is ₦3,000,000. Any account that exceeds this limit is liable to pay a processing fee of 5% of the overage.
For example, if a corporate account withdrawals a total of ₦5,000,000, that corporate account has to pay a fee of 5% of the surplus ₦2,000,000. This means, that corporate account has to pay a processing charge of ₦100,000.