The Central Bank of Nigeria (CBN) has instructed banks to cease charging customers for cash deposits until September 30, 2024.
Concerns were raised by customers of some Deposit Money Banks regarding the imposition of processing fees for cash deposits starting May 1. These banks had planned to levy two percent on deposits exceeding N500,000 for individuals and two percent on deposits surpassing N3 million for corporate account holders.
In a circular dated May 6, 2024, signed by the Director of Banking Supervision, Adetona Adedeji, the CBN suspended these processing fees. The circular referenced a prior letter dated December 11, 2023, which had halted processing charges imposed on cash deposits above specific thresholds.
The CBN has further prolonged the suspension of the processing fees of 2% and 3% previously applied to all cash deposits above the thresholds. This extension remains effective until September 30, 2024. Financial institutions are directed to continue accepting all cash deposits from the public without any charges throughout this period.
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