The Central Bank of Nigeria (CBN) has directed banks to suspend imposing cash deposit charges until September 30 this year.
This was disclosed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
Recall that banks reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1.
Customers of various Deposit Money Banks expressed concern that the banks had started collecting processing fees for cash deposits as of May 1.
According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended.
“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,” CBN said.
“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 directed financial institutions to continue to accept all cash deposits from the public without any charges till the end of the third quarter.