Nigeria News

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.

Attah Aaron

Attah Aaron has spent over six years with Idoma Voice. He writes on religion and health.

Recent Posts

BREAKING: APC Crisis: Court of Appeal dismisses Moses Agaba’s appeal against Austin Agada

The Court of Appeal in Makurdi, Benue State, on Thursday dismissed an appeal filed by…

14 hours ago

BBNaija’s Phyna publicly rejects family, drops surname

Big Brother Naija Season 7 winner, Josephine Ijeoma Otabor, also known as Phyna, has publicly…

14 hours ago

Yemi Alade slams Cool FM, Clout Africa over blacklisting, refusal to forgive

Nigerian singer Yemi Alade has criticized prominent media outlets Cool FM and Clout Africa, accusing…

15 hours ago

BREAKING: Relief as Lakurawa terrorists flee Nigeria after military intervention

Senator Adamu Aliero, representing Kebbi Central, has announced that the Nigerian military successfully expelled the…

15 hours ago

BREAKING: Supreme Court nullifies National Lottery Act, grants states exclusive control

The Supreme Court has struck down the National Lottery Act of 2005, ruling that the…

15 hours ago

Latest update on fuel price hike, fuel scarcity for November 22nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

20 hours ago