Banks To Charge 1% Value Or N5,000 Penalty For Unfunded Returned Cheques In Nigeria

Banks To Charge 1% Value Or N5,000 Penalty For Unfunded Returned Cheques In Nigeria

Nigerian banks can now charge customers 1% of value or N5,000 penalty for unfunded returned cheques. This starts May 1, 2017.

Updated Policy on Returned Cheques

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Dear Customer,

The Central Bank of Nigeria recently announced revised guidelines for charges on customer transactions including returned cheques.  

Starting May 1st, customers whose cheques are returned due to inadequate funds in their accounts will be required to pay either 1% of the value of thecheque or 5,000 (the higher amount will be charged).

Please note that this only applies to unfunded accounts. There will be no charge when your cheque is returned and you have funds in your account.

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