The CBN has directed banks to refrain from imposing charges on cash deposits until the end of September.
According to a circular dated May 6, 2024, signed by Adetona Adedeji, the director of Banking Supervision, the Central Bank of Nigeria (CBN) instructed banks to halt the imposition of fees on cash deposits until September 30, 2024.
This decision came after concerns were raised by customers of some Deposit Money Banks regarding the initiation of processing fees for cash deposits starting from May 1.
An email shared by one of the bank’s customers served as evidence of this, as reported by Leadership.
Previously, the bank had announced a two percent charge on deposits exceeding N500,000 for individuals and N3 million for corporate account holders. However, the recent circular from the CBN states that these processing fees have been suspended.
The circular stated, “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 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.”
The CBN has instructed banks to continue accepting cash deposits from customers without imposing fees until the end of the third quarter.
