BREAKING: CBN suspends cash deposit charges till September

The Central Bank of Nigeria (CBN) has instructed banks to cease charging customers for cash deposits until September 30, 2024.

In a circular dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN, the apex bank announced the suspension of processing fees on cash deposits.

The directive came in response to concerns raised by customers of Deposit Money Banks, who reported the imposition of processing fees on cash deposits starting May 1.

Individual customers were to be charged two per cent on deposits exceeding N500,000, while corporate account holders faced a two per cent charge on deposits exceeding N3 million.

However, following the outcry from customers, the CBN intervened, suspending the processing fees as outlined in the circular.

The circular 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.”

Financial institutions have been directed to accept all cash deposits from the public without imposing any charges until the end of the third quarter.