Can anyone please let me know the daily deposit limit set by CBN?[color=#000099][/color]

150,000 naira for individuals and 1 million naira for companies.

Thanks Seun. If the deposit is above 1 million naira in an individual account, is there any alert trigger? Will the account be frozen? I am curious and would like to know.

They'll charge you 10%. This is under the CBN cash limit policy which has not been enforced yet.

Seun:

They'll charge you 10%. This is under the CBN cash limit policy which has not been enforced yet.

Ultimately,Who earns the 10%, bank P+L a/c or CBN?

Technically, there's no daily limit on the amount you can deposit into your account. However, you'll pay the charges from certain amounts (individual or corporate) as already explained above.

The charge goes to the bank which in turn needs to pay for the sorting and processing of its cash by Cash Processing Centres.

Thank you all for your responses. Do you know about the current CBN policy which is still in effect on the daily cash deposit limit?

^^^Is it about the threshold of reporting of transactions to EFCC? If yes, it's N1m for individuals and N5m for corporate bodies. If no, reply.

Naija,

I never knew this. So they charge you if you deposit more than 150, 000. Hmmmm

coninse:

Thanks Seun. If the deposit is above 1 million naira in an individual account, is there any alert trigger? Will the account be frozen? I am curious and would like to know.

I think this applies only to cash deposit, Cheques and other etransfers are still "as is"

y wil it be 150,000? Even yesterday i deposited 300,000 into my account. Nd ntin happend, i was alerted normally.

There is no charge whatsoever on deposit. you are only charged 10% when you withdraw in excess of the limit set by the CBN. SHIKENA. Always get your facts right.

Pukkah:

^^^Is it about the threshold of reporting of transactions to EFCC? If yes, it's N1m for individuals and N5m for corporate bodies. If no, reply.

are the realy rigid about dat?!was at d bank manager's office last wednesday,in walk this big man who wanted 2 deposit N4m in2 his savings a/c.d bank manager xcused me in d midst of our transaction 2 attend 2 oga big man.no questions no efcc just no nothing.mr big man neva spend half an hour and was gone.my question is dat r some individuals e.g senators immune 2 such regulations?

odiaero:

Woo, so u still have limitation on depositing, i thought is is only withdrawing, anyone to clearify?

Depending on the type of account you operate, normally there is no limit to any amount you can withdraw on saving account as a matter of fact the CBN is trying to enforce a daily limit rules which has not be implemented yet,

@anishe, you will pay a charge on both your daily cumulative deposits and withdrawals if they exceed N150,000 (as an individual) and N1m for companies with effect from January 1, 2012 if you are in Lagos and from June 2012 if you are in another part of the country.

These limits are different from the current limits which I explained earlier on which banks are expected to report transactions to EFCC.

If deposits truly ve a limit THEN WHAT HAPPENS TO SAVINGS ACCOUNT HOLDERS WHO DO NOT HAVE ACCESS TO DEPOSIT VIA CHEQUES?

^^^ An individual savings account holder who desires to deposit more than N150,000 per day (when the scheme takes off) would either pay the sum of N100 per N1,000 or open a current account wherein he can pay in up to N1m before a charge of N200 per N1,000 applies.

Mind you, a company can also have a savings account in which case the limit before the charge is N1m per day.

Hello all, don't get it mixed up. Here's some clarification on the CBN policy, read up!
Key Part of Cashless Policy Directive by the Central Bank of Nigeria:
Commencing from June 1, 2012 (January 1, 2012 in Lagos), a daily cumulative limit of N150, 000 and N1, 000,000 on free cash withdrawals and lodgements by individual and corporate customers respectively.
Individuals and corporate organizations that make cash transactions above the limits will be charged a penal fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits. Furthermore, 3rd party cheques above N150, 000 shall not be eligible for encashment over the counter. Value for such cheques shall be received through the clearing house.
Banks will cease cash in transit lodgement services rendered to merchant-customers from June 1, 2012 (to be replaced by CBN licensed CIT providers)
The policy shall apply to both private and public sector transactions.
All financial institutions including Deposit Money Banks (DMB), Savings and Loans, Mortgage and Microfinance Banks shall comply accordingly.
WHAT YOU SHOULD KNOW: Impact on Individual-

The implication of the policy to you as an individual is that with effect from January 1st, 2012 in Lagos you would be charged whenever your cash transactions exceed =N= 150,000 (Both Withdrawal and deposit). Example 1: If Mr. ABC deposited =N=100,000 into your bank account, you would only be eligible to withdraw =N=50,000 without paying the penal fee. The moment you are withdrawing above =N=50,000, you would be charged =N=100 for every thousand that is in excess of =N=150,000. In a layman language, If Mr. Bosun paid =N=100,000 into Mrs. Ngozi account and she want to withdraw all the money across the counter, Mrs. Ngozi’s bank would charge her =N=5,000 for withdrawing the =N=100,000. The calculation is based on =N=100 for every thousand in excess, in this example the excess thousand is =N=50,000. Therefore, you divide 100 by 1000 and multiplied it with 50,000 (100/1000*50,

akyns:

Hello all, don't get it mixed up. Here's some clarification on the CBN policy, read up!
Key Part of Cashless Policy Directive by the Central Bank of Nigeria:
Commencing from June 1, 2012 (January 1, 2012 in Lagos), a daily cumulative limit of N150, 000 and N1, 000,000 on free cash withdrawals and lodgements by individual and corporate customers respectively.
Individuals and corporate organizations that make cash transactions above the limits will be charged a penal fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits. Furthermore, 3rd party cheques above N150, 000 shall not be eligible for encashment over the counter. Value for such cheques shall be received through the clearing house.
Banks will cease cash in transit lodgement services rendered to merchant-customers from June 1, 2012 (to be replaced by CBN licensed CIT providers)
The policy shall apply to both private and public sector transactions.
All financial institutions including Deposit Money Banks (DMB), Savings and Loans, Mortgage and Microfinance Banks shall comply accordingly.
WHAT YOU SHOULD KNOW: Impact on Individual-

The implication of the policy to you as an individual is that with effect from January 1st, 2012 in Lagos you would be charged whenever your cash transactions exceed =N= 150,000 (Both Withdrawal and deposit). Example 1: If Mr. ABC deposited =N=100,000 into your bank account, you would only be eligible to withdraw =N=50,000 without paying the penal fee. The moment you are withdrawing above =N=50,000, you would be charged =N=100 for every thousand that is in excess of =N=150,000. In a layman language, If Mr. Bosun paid =N=100,000 into Mrs. Ngozi account and she want to withdraw all the money across the counter, Mrs. Ngozi’s bank would charge her =N=5,000 for withdrawing the =N=100,000. The calculation is based on =N=100 for every thousand in excess, in this example the excess thousand is =N=50,000. Therefore, you divide 100 by 1000 and multiplied it with 50,000 (100/1000*50,

10%!
That's a killing!
Imagine milking peeps off their money.
Na tithe?

ochukoccna:

10%!
That's a killing!
Imagine milking peeps off their money.
Na tithe?

Lol! I guess its to discourage peeps carrying too much cash around.
Rather than incur such costs on withdrawal, i'd rather pay with my debit card!

If the said policy is taking effect, then our markets and every other business offices should be giving deadlines to start accepting debit cards for payments of bills and what have you. Internet shopping should also be encouraged within the country,

I think the awareness among the people about the commencement of the limits is low. CBN needs to increase the awareness especially in Lagos where the implementation is just around the corner.

Pukkah:

I think the awareness among the people about the commencement of the limits is low. CBN needs to increase the awareness especially in Lagos where the implementation is just around the corner.

the major problem i see when this kicks off is the amount of unnecessary stress people will be put through and it will only result in more people keeping their money outside the banking system rather than taking it to the banking system

there is still a high level of unreliability in e-banking in nigeria (online transfers and POS).
the amount of paperwork to open an account is at best ridiculous.
banks are always looking for all manners of excuse to charge people who hold account with them

Deposit limit is not 150,000. It is withdrawal limit at ATM dat is 150,000

Do these charges apply if i do debit card or cheque deposits?