The research work critically investigates the analysis of cost and benefits of computerization in Nigerian banks. To achieve the stated objectives, the researcher obtained the necessary data for investigation from the primary and secondary sources of data involving the use of questionnaires as well as the review of the relevant and related literatures to the research topic. Furthermore, the researcher advances some hypotheses, which were tested and validated using percentages and chi square (X2) statistical analytical tools. The results of the analysis show that the use of computers enhances the efficiency of deposits money banks and that the use of computers increases profit and growth of deposits money banks. However, the result also shows that the use of computers eliminates fraud in the deposit money banks. The researcher recommends the use of the communication system (telephone, internet-banking, etc) which is the basis of today’s banking should be improved and at the same time localized to meet the rising in competition and standard that is already present in the western world. However, having weighed the merits and demerits of the introduction of the use of computers in deposits money banks in Nigerian banks especially, the deposits money banks should embrace and invest in the new technologies to be able to meet the needs of their today’s banks. Furthermore, as detection, prevention and control of computer fraud so far has proved abortive, some yard stick should be used in employing and assigning workers to operate the computer as supervision should be practically and regularly observed.

Banks, Computer, Information Technology, Money, Benefits, Cost, Chi Square