Grace Omachoko
The Central Bank of Nigeria (CBN) has issued a directive to banks to halt charges on cash deposits until September 30, 2024.
The announcement came through a circular dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
This move follows concerns raised by customers of several Deposit Money Banks regarding the collection of processing fees for cash deposits starting from May 1.
Initially, individuals were to be charged two per cent on deposits exceeding N500,000, while corporate account holders faced a two per cent charge on deposits over N3 million.
In its latest circular to financial and non-financial institutions, the CBN announced the suspension of processing fees. The circular stated, “Please refer to our letter dated December 11, 2023, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates.”
“The Central Bank of Nigeria 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.”
Financial institutions are directed to accept all cash deposits from the public without any charges until the end of the third quarter.
