Banks have been instructed by the Central Bank of Nigeria to stop charging for cash deposits until September 30th, 2024.
This was disclosed in a circular signed by its Director of Banking Supervision, Adetona Adedeji, according to The Punch.
Several bank customers raised concerns after the banks started collecting processing fees for cash deposits on May 1.
In the latest circular to financial institutions and non-financial institutions, the CBN said the processing fees had 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.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”
Banks were to charge two per cent on deposits above N500,000 for individuals, while corporate account holders were to be charged two per cent on deposits above N3m.
CBN has instructed financial institutions to continue to accept all cash deposits from the public at no charge until the end of September.
