CBN Halts Charges on Cash Deposits in Banks

CBN Halts Charges on Cash Deposits in Banks

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.

Read Also: CBN Undergoes Major Restructuring: Plans to Relocate Key Departments to Lagos Amidst Staff Discontent

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.

Read Also: CBN Undergoes Major Restructuring: Plans to Relocate Key Departments to Lagos Amidst Staff Discontent

Below is how we can help you promote your event, organization and products/services . This is the best you can get from this global platform of over decades experience.

First Leg: Full page Promotional package showcasing your Invitation Card, Banner/Flex, 3 different Photographs and brief of the coming event. Also your picture/Name will be the headline News in digivation blog(Pre-Event)

Second Leg: Full Page Promotional package of the event showcasing 5 different photographs plus short audio/visual clip of the event. Also org. picture/Name will be the headline news our blog(Post-Event).

Rate: N150,000 Only For Both Pre and Post Events. (Rate is only Applicable during the Promotional Period)

For further inquiries, contact the undersigned:

Hilary Damissah (Editor)

Mojisola Alabi ( business Development)


Chief Imo Ukwa(Advert Consultant) 08063779938

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Seamfix Raises $4.5m To Expand ID Services Outside Nigeria

Wed May 8 , 2024
Identification solutions startup Seamfix, which provides identity creation, verification, and transaction accreditation solutions for large organisations and government agencies, operates primarily, has raised $4.5 million from its first institutional investor, Alitheia IDF, in order to grow its operations outside of Nigeria. This was made known by Chimezie Emewulu, the company’s […]

You May Like