The Central Bank of Nigeria (CBN) has suspended charges on cash deposits until September 30, 2024.
In a circular dated May 6, 2024, signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank revealed this decision.
Banks had resumed collecting processing fees on cash deposits starting May 1. The directive mandated a 2 percent charge on deposits exceeding N500,000 for individuals and a 3 percent charge on deposits over N3,000,000 for corporate account holders.
However, according to the latest circular issued to financial institutions and non-financial institutions, CBN stated that the processing fees have been suspended.
The circular referenced a previous letter dated December 11, 2023, suspending processing charges imposed on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporates.
“The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024,” CBN stated.
Financial institutions are directed to continue accepting all cash deposits from the public without any charges until the end of the third quarter.
