The Central Bank of Nigeria (CBN) has directed banks to suspend charges on cash deposits until September 30, 2024. This directive was contained in a circular dated May 6, 2024, signed by the Director of Banking Supervision, Adetona Adedeji.
The suspension comes after customers of some Deposit Money Banks complained about the introduction of processing fees for cash deposits, effective May 1. The fees, which ranged from 2% to 3%, were to be charged on deposits above N500,000 for individuals and N3 million for corporate account holders.
However, the CBN has extended the suspension of these processing fees until the end of the third quarter. In a circular to financial institutions and non-financial institutions, the apex bank stated, “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.”
The CBN directed financial institutions to continue accepting all cash deposits from the public without any charges until the end of the third quarter. This move is aimed at promoting financial inclusion and reducing the burden on customers.
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