The Central Bank of Nigeria (CBN) has announced the suspension of charges on cash deposits until September 30, 2024, following concerns raised by bank customers.
In a circular dated May 6, 2024, and signed by Adetona Adedeji, the Director of Banking Supervision at the CBN, the apex bank directed financial institutions to cease the collection of processing fees for cash deposits.
The move comes after some banks began imposing processing fees on cash deposits starting May 1, prompting backlash from customers. Under previous guidelines, individuals were subject to a two percent charge on deposits exceeding N500,000, while corporate account holders faced a two percent charge on deposits exceeding N3 million.
The latest circular from the CBN suspends these processing fees indefinitely, extending the relief provided to customers. The suspension, initially announced in December 2023, was set to expire but has now been prolonged until the end of September 2024.
In its directive to financial institutions, the CBN emphasized the importance of accepting all cash deposits from the public without imposing any charges until the specified date. This decision aims to alleviate the financial burden on bank customers and ensure continued access to banking services without additional costs.
